Treasury Bills Instead of Wages and Pensions for the Public Sector



The postponement of the 6th bailout has worsened the poor finances of the Greek public sector. Therefore, the Finance Ministry is in search of a solution to the pressing problem of paying the wages and pensions to current public sector employees and pensioners respectively.

Given Deputy Finance Minister, Mr. Sachinidis’ statement a few days ago that “the country has enough cash in its hands to make it through just until October the 15th”, the Ministry and the General Accounting Office are examining a series of alternative measures in order to face an oncoming crisis that would demand a de jure moratorium. One of these measures is the issue of short-term treasury bills, which will be given to civil servants and pensioners in order to cover 50% of wages and pensions.

In fact, as highlighted by the Ministry, the holders of such bills will be able to use them in their transactions with the banks and tax authorities.