Greece To Run Out of Money by April 20
Without help from foreign creditors, Greece will found itself in the position of being left out of money by April 20. It is the statement of a source familiar with the Greek issue that Reuters quoted in today’s publication.
Trapped between official meetings with German Chancellor Angela Merkel and Europe’s pressure of presenting the list of planned reforms that would bring the country back on track, or at least would give a positive perspective for the future, leaders from Athens find themselves in a scrambled position. Future reforms are crucial in order to save the country from bankruptcy and to attract fresh aid.
The same source detailed that Greece has lately replied on repo transactions – borrowing money from state entities, but this is a temporary solution, as it can only rely on it for a few of the following weeks. In other words, the country can carry on on its own using the short-term borrowing until about April 20.
To be more specific, leaders from Athens are hoping that Euro Zone finance ministers would approve the latest reform list. This would allow the return of about 1.9 billion Euros ($2.07 billion) in profits made by the European Bank on Greek bonds. Also, Greece is claiming the return of about 1.2 billion Euros in cash in its bailout fund, sum that the euro zone took back last month.