Monday November 24, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece to overhaul cash management to ease funding need, EU says

Greece will overhaul its system of cash management across different state agencies to help lessen a 5.5 billion-euro ($7.6 billion) funding shortfall in its bailout program for the next 12 months, according to the European Commission.

The government will develop a framework to allow borrowing between different state operations and use cash lying idle in its accounts for liquidity purposes, implementing this from the start of 2015, the commission said in a report on how Greece is meeting the terms of its bailout program. The plan will include an assessment of government accounts at commercial banks, with unnecessary ones to be closed by the end of June, according to the report published in Brussels Friday.

"Implementation of these above measures, as well as disbursements according to the program schedule would help to cover the financing gap until May 2015, the commission said. The financing gap amount does not take into consideration the redemption of state preference shares in Greek lenders, according to the report.

Greece set off Europe's debt crisis in 2009 when the government revealed its budget deficit had ballooned to more than five times the euro areas permitted limit, eventually leading to two bailouts from the euro area and the International Monetary Fund, totaling 240 billion euros. Earlier this month, the country completed its first bond sale in four years, bookending a period that also included the biggest-ever sovereign restructuring.

'Debt Dynamics'

While the program remains on track, the debt dynamics point to a slight deterioration, the commission said.

Public debt is forecast at 125 percent of gross domestic product in 2020, a percentage point higher than the estimate in the previous progress report last July. The ratio will peak at 177.2 percent this year, before declining to 172.5 percent in 2015, according to Fridays report.

The government will generate revenue from state asset sales of 22.3 billion euros by 2020, the commission forecasts. That is a downward revision from 24.2 billion euros in the last report.

[Bloomberg]

ekathimerini.com , Friday April 25, 2014 (16:39)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Olympiakos ends PAOKs unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Key general meeting at OLP on Tuesday
6. Agenda
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.