600mil euros are left in the coffers of Greece and they are looking for 1,2bil

Discussion in 'Wall St. News' started by ASusilovic, Nov 4, 2011.

  1. The finance ministry is trying hard to avert the country from the course of bankruptcy. And while the political situation is still dominant, harsh reality and debts do not allow them to relax.

    According to finance ministry sources, about 600mil euros are left in state coffers, sufficient only to pay half the month to civil servants on 11/11/11. But as the 6th tranche is delayed, the government must provide twice as much in order to pay the wages and pensions of December at the end of this month.

    In an attempt to find the amount, the ministry has decided to frieze all tax returns and speed up the issuing and collection of statements for head tax and the real estate special fee.

    Moreover, a lot is placed on the tax hunt for the collection of the 3rd quarter and the revenue from the settlement of illegal and semi-illegal spaces.

    To keep the bankers "warm"

    Meanwhile, they are moving on PSI mode and are trying to keep the bankers that will participate in the haircut "warm"…

    Finmin Venizelos described his agony for the situation in parliament by saying:
    "We must act as quickly as possible and certainly before December 15 (based on cash reserves) to release the 6th tranche of 8bil euros. We must start negotiations with the troika immediately for the configuration details of the new loan agreement, which must be voted in parliament by a majority of 180 MPs. As a country, we must create (with the help of our partners) the legal framework for PSI Plus and achieve 100% participation of Greek bondholders. We calculate an interest relief by 14bil over the next three years if we are successful. According to the schedule all procedures for the new program must be completed by the end of the year."

    According to the finmin, PSI details will be completed at the beginning of 2012.