Greece orders raid on government coffers as cash dwindles…(Who’s Next?!)

Monday, April 20, 2015
By Paul Martin

Government issues a decree forcing all state bodies to transfer funds to the central bank

By Mehreen Khan
20 Apr 2015

The Greek government has ordered a mandatory transfer of cash reserves from state-owned enterprises to its central bank, in a desperate bid to gather enough cash to remain solvent.

Citing “extremely urgent and unforeseen needs”, the government issued the emergency decree which will also apply to all local government bodies.

The move comes as Athens’ cash crisis degenerates with every passing day. Even the most conservative estimates calculate the government’s coffers will run dry in a matter of weeks.

Despite the risk of violating its fiduciary obligations, the decree could now help the government meet its monthly €1.7bn wage and pension bill, averting a default on its own citizenry.

“Central government entities are obliged to deposit their cash reserves and transfer their term deposit funds to their accounts at the Bank of Greece,” said the presidential decree.

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