Greece orders raid on state funds in scramble to pay bills

Greece ordered state entities from municipalities to park idle cash at the central bank in a scramble to pay the country's bills, it was revealed on 19 April 2015.

The legislative order includes local administration but excluded pension funds and some state-owned firms. Cash reserves that were needed by these bodies for their immediate payment needs were also excluded from the regulation.

Raising pressure on the government, local officials threatened to defy the decision, which needed parliamentary approval. Most opposition parties said the decision was arbitrary.

• Primary Source

ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

EUObserver, 21.04.15: Greece raids public sector coffers to pay pensions https://euobserver.com/economic/128390

Kathimerini, 17.04.15: Greece scrapes bottom of the barrel to come up with cash http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/04/2015_549171

The Telegraph, 15.04.15: Greece plans to raid coffers as creditors dash hopes of resolving cash crisis http://www.telegraph.co.uk/finance/economics/11537495/Black-hole-in-Greek-finances-grows-as-Athens-is-pushed-to-the-brink-of-euro-exit.html

ESO: Background information: Greece wants to pay back IMF loan http://www.europeansources.info/record/greece-wants-to-pay-back-imf-loan/

Politico, 21.04.15: Another Greek tragedy in four short acts http://www.politico.eu/article/syriza-show-four-giant-steps-towards-the-abyss/

Kathimerini, 21.04.15: Greek government's popularity takes a hit as talks drag on http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_21/04/2015_549273

Kathimerini, 21.04.15: Wary of brinkmanship, eurozone steers away from new deadlines for Greece, official says http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_21/04/2015_549291

Politico, 22.04.15: [Opinion]: Why Greece may be the new Lehman Here we go again. This time it’s Europe’s fault, and the, by Bill Emmott http://www.politico.eu/article/greece-the-new-lehman/

Kathimerini, 25.04.15: PM tries to appease mayors, regional governors over cash bill http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/04/2015_549452

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