The Situation Escalates – Greece Is Now Taxing Cash Withdrawals
by Secular Investor
ZeroHedge.com
05/10/2015
The saga (or drama, if you like) in Greece is continuing and even though the country was able to make a 200M EUR interest payment to the IMF earlier this week, markets shouldn’t be too optimistic just yet as that payment is less than 5% of the total cash amount it has to pay in the next 4-5 weeks.
Indeed, Greece has just 3 days left to find 750M EUR to meet the requirement of a principal payment to the IMF which is due next Tuesday, and we consider it to be quite impossible for the country to meet this demand without finding additional sources to generate cash from.
There’s little doubt the 200M EUR was mainly funded by Athens’ radical request whereby the public agencies were ordered to wire the majority of their cash resources back to the central government in Athens. This was a very clear indication the Greek treasury was running on fumes as it could not afford to pay the salaries of government employees so there’s little hope the country will be able to repay the 750M EUR to the IMF next week without reaching a new bailout deal with its lenders.
The Rest…HERE
