Greek officials reportedly have a plan that would ’cause a furor in the markets’

Sunday, April 5, 2015
By Paul Martin

WOLF RICHTER
BusinessInsider.com
APR. 5, 2015

Greece needs to make some payments in April.

For a corporation like Apple, cash in these amounts would be a rounding error on the balance sheet.

For the country of Greece, it’s becoming an insurmountable obstacle. That’s how broke Greece is.

No more than €462 million is due the IMF on April 9. A few days later, €1.4 billion in T-bills come due, and in a few more days, another €1 billion in T-bills. Then on May 1, Greece needs to pay the IMF €202 million in interest. In total, Greece has to scrape together a little over €3 billion this month.

But it won’t be able to make even that first payment to the IMF. Not unless it skips paying salaries and social security. To make both payments, it needs new money from the Eurozone “institutions,” as the Troika is now called – that is, from taxpayers in other countries.

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