Has the Greek Prime Minister Tsipras to the IMF only played poker?
How long can Greece without further help pay off debt on time and at the same time fulfill the obligations towards its own citizens? About this question entwine for weeks wild speculation, because apparently no one knows exactly how it currently stands the Greek budget situation.
The Anglo-Saxon financial newspaper “Financial Times” suggests a now become known letter from the Greek Prime Minister Alexis Tsipras at the head of the International Monetary Fund Christine Lagarde so that the country might have run out of funds in a timely manner. According to the report Tsipras Lagarde warned shortly before a payment due to the IMF in the past week, without further assistance by the EU could be land transfer these approximately 750 million euros comprehensive rate due time to Washington. The Greek newspaper Kathimerini reported that the letter had also gone to the EU Commission chief Jean-Claude Juncker, ECB President Mario Draghi; Tsipras also have the US Treasury Jack Lew informed.
Specifically Tsipras has therefore the threatened default conjunction with an invitation to the European Central Bank to give the country more short-term financing options (T-Bills) – this is a quite some time carried forward from the left-wing government in Athens desire. The ECB rejects this. She had rather capped these funds due to the faltering talks between the clammy country and the international creditors. And she has no plans to change that.
In spite of the letter eventually Greece paid on time but the money, albeit in a rather unusual way: it took it means (so-called Special Drawing Rights) of a special account with the Monetary Fund itself; in fact it is a short-term loan at present very low interest rates.
Whether it has certainly given this fact, not an alternative, however, is at all clear. While pushing the Greek state for some time on payments to suppliers. And the set of the new day bustle of government and partly disempowerment of the Greek Finance Minister Yannis Varoufakis suggest that the cash balances are scarce.
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But there are also indications that the money probably still some time (weeks) is sufficient. According to a report of the financial service Bloomberg last week the Greeks have a total of 6.4 billion euros in taxes and social contributions paid subsequently as a result of a law that allows the repayments in many installments. In addition, public institutions paid, according to the Greek Government on 12 May EUR 600 million of liquid funds in an account with the central bank one that the government had set up to cover the period of debt negotiation.
Last but not least should the Greek banks also still be able to bridge a while with the approval of the ECB’s so-called ELA emergency aid by the Greek central bank. They have reportedly collateral in order to get up to 95 billion euros loan, reported Bloomberg and appeals to people familiar with the matter. Currently, financial institutions take around 80 billion to complete – the ECB would increase this frame every week because of the ongoing capital flight, for example by 2 billion euros, this instrument would be enough under current conditions until the end of June. ECB board member Yves Mersch made in Luxembourg radio but clear: “We are in a final.”
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