German Media: Liquidity in Greece Ends April 8

Main_building_of_the_bank_of_Greece_2008Greek coffers will be empty by April 8, said Frankfurter Allgemeine Sonntagszeitung Sunday report, citing European Commission experts in Athens.

According to the report, Athens will be able to finance salaries and pensions until the second week of April. After that, Greece’s government may have to resort to dipping into social security funds and state-owned enterprises in order to be able to pay public sector employees and pensioners.

There are more payments due after April 8 as there is a 467-million-euro installment that must be paid to the International Monetary Fund (IMF). Athens must also refinance short-term state bonds after that.

To restore liquidity, the Greek government must rush to complete the list of proposed reforms to the Eurogroup in order to be approved for further financial aid. That was decided after a meeting of Greek Prime Minister Alexis Tsipras with top European Union officials along with Germany’s and France’s heads of state on Friday.


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