BUSINESS

‘Light’ measures for part of tranche

By Sotiris Nikas

Greek representatives in talks with the country’s creditors are making a last-ditch effort to secure liquidity for state coffers through the disbursement of part of the outstanding bailout tranches.

The creditors have proposed that Athens see some of the “lighter” reforms agreed at the February 20 Eurogroup through Parliament so that the next Eurogroup can approve the disbursement of the earnings of the Eurosystem from Greek bond holdings, amounting to 1.9 billion euros.

Such measures would include making the General Secretariat of Public Revenues independent from the Finance Ministry and ensuring that the government does not interfere in matters of justice.

The reason for these efforts is the Greek state’s major cash shortage, as sources point to liquidity needs of 4 billion euros in addition to what the state has at its disposal by the end of next month.

For Greece to fulfill all its obligations this month, it needs additional resources of 1.7 billion euros, while the extra requirements for April exceed 2 billion euros, according to projections. However the Finance Ministry has focused all its efforts up to now on covering the March cash hole.

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