Just as the Greek government is negotiating with its creditors about the future of the Public Power Corporation, PPC is teetering on the brink of financial collapse, as its liquidity shrinks by the day and new financing of 200 million euros that the power giant is negotiating with the banks has not yet been secured.
In end-April, meanwhile, PPC will have to pay off one more bond worth 200 million euros, having already repaid another of the same value on February 28. If the banks do not approve the new loan by that date, the company will be forced to try averting a default by withholding funds from the electricity market, having already loaded it with unpaid debts in excess of 800 million euros.
In a bid to tackle its liquidity problem, the management of PPC is prioritizing the payment of its obligations. Unpaid debts to contractors have already reached 900 million euros, while the corporation also owes some 700 million euros to its subsidiaries, the Hellenic Electricity Distribution Network Operator (DEDDIE) and the Independent Power Transmission Operator (ADMIE).
At the same time, unpaid electricity bills are adding up to around 2.6 billion euros.