Greek government taps into fund for 'extraordinary cases'
The Greek government has tapped into money from its emergency funds to meet a due debt to the International Monetary Fund (IMF), amid the economic “deadlock” in the country.
A central bank source, whose name was not mentioned in the report, told AFP that through the help of the governor of the Bank of Greece, the government tapped into an emergency account to meet a 750-million-euro (USD-845-million) payment to the IMF. “That was an initiative by the Bank of Greece’s governor to break the deadlock,” said the source.
Yannis Stournaras, the Bank of Greece governor, last week informed the government that it could withdraw 660 million euros from the bank's special account that is meant to be used in “extraordinary” situations.
Meantime, the country’s finance minister has raised the alarm about Greece’s dire financial situation as talks with international creditors for a new loan continues.
Yanis Varoufakis warned that the Greek government would run out of money in just a fortnight if it failed to pump in money.
Athens is currently in talks with the European Union, the European Central Bank and the IMF to receive a 7.2-billion-euro (USD-7.9-billion) loan remaining from bailout funds promised to the country. However, the lenders are refusing to grant the loan unless Greece agrees to its terms.
The so-called troika of international lenders are pressing Athens to make reforms in its labor market as well as in pensions and taxation policies in exchange for the loan.
Athens has already received two bailout packages in 2010 and 2012 worth a total of 240 billion euros (USD 272 billion) from the troika following its 2009 economic crisis. However, it has been unable to borrow on the international markets over the past few years due to high borrowing rates.
The government of Prime Minister Alexis Tsipras, whose leftist Syriza party swept to victory in the January 25 elections, has tried to renegotiate the terms of the bailout Greece received in return for imposing harsh austerity measures.
During his electoral campaign, Tsipras had vowed to reconsider the austerity measures, which have caused mounting dissatisfaction in the country.
XLS/HSN
Iraqi Islamic Resistance warns European nations against entering into war with Iran
Tehran warns EU against ‘Nazi mindsets,’ slams German backing of Israeli-US aggression
Spanish FM urges firmer EU stance on Gaza crisis, West Bank settlement expansion
Massive nationwide rallies condemn US-Israeli aggression against Iran
Iran's response to mediation efforts is 'clear': President Pezeshkian
US-Israeli attacks on Iran’s cultural heritage sites amount to war crime: Envoy
Iran Army drones strike US bases in Kuwait, wreaking havoc
Op. True Promise 4: Iran launches 22nd wave with new generation missiles
Jihad fatwa issued in Iraq as resistance groups strike US, Israeli targets
Iran's retaliation based on its 'inherent right to legitimate self-defense': FM Araghchi
Persian Gulf states review overseas investments as war pressure mounts after US-Israeli aggression
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
