Greece gathers 600 mln euros of local government money

Greece has gathered 600 million euros ($673.56 million) of local government and other public entity money as a result of a recent legislative act to help it deal with a cash crunch, the government’s spokesman said on Tuesday.

“Up to yesterday local governments have transferred 64.5 million euros and other general government bodies 535.8 million euros to the Bank of Greece, a total of 600.3 million euros,” Gavriil Sakellaridis said in a statement on Tuesday.

Greece has asked local governments and public entities to transfer idle cash reserves to the Bank of Greece for short-term borrowing by the state via repurchase agreements.


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