Riots expected after Greece orders all government funds to be transferred to central bank

Thursday, April 30, 2015
By Paul Martin

by: J. D. Heyes
Thursday, April 30, 2015

The financial situation in Greece has gotten so bad that the government just ordered a mandatory transfer of all cash reserves from state-owned enterprises to the Greek central bank in order to avoid a complete economic collapse.

As reported by Britain’s Telegraph newspaper, the Greek government, citing “extremely urgent and unforeseen needs,” issued its emergency decree April 21. It requires all local government bodies to respond immediately.

The government’s decision was hastened by a degenerating cash crisis in the country that only grows worse by the day. Even the most conservative estimates noted that Athens is set to run out of money in just a matter of weeks.

The Telegraph further reported:

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.

It is thought the confiscation of reserves held in commercial banks to the Bank of Greece could raise as much as €2bn for the government.

This is merely a one-time measure; what happens next month? That’s anyone’s guess.

Is a raid on personal accounts next?

The Rest…HERE

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