NEWS

Court to decide on cash transfer decree after appeal

The Council of State, Greece’s highest administrative court, will have to decide whether the legislative decree passed by the government on Friday is in line with the country’s constitution.

The case will be heard after a technical college (TEI) in Thessaloniki launched an appeal against the government’s decision forcing general government bodies to deposit their cash reserves at the Bank of Greece. The coalition says it was forced into the decision to ensure that it has enough liquidity to meet its debt obligations.

The union of municipalities (KEDE) decided that its members would not transfer their cash until assurances mayors were given by Prime Minister Alexis Tsipras over the weekend are be passed into legislation. Regional authorities indicated that they will transfer their reserves straight away.