Greece’s Day of Reckoning Inches Closer as Payments Loom
Greece’s Plan B Needs Politics Over Theory: Fricke
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Greece is struggling to amass cash to pay its pensioners and employees this week, as the country and its creditors resume efforts to break the deadlock in bailout talks.
Europe’s most-indebted state is counting on deposits of local governments, cities and other funds to meet end-of month payments of over 1.5 billion euros ($1.6 billion) after euro area finance ministers on Friday said they won’t disburse more aid until bailout terms are met. That may further strain liquidity buffers at banks, after households and companies withdrew almost 1.3 billion euros in savings last week, according to a person who’s not authorized to speak publicly on the matter.