Tuesday, March 17, 2015

Greece Grabs Cash as More Than $2 Billion in Payouts Loom

by Nikos Chrysoloras, Vassilis Karamanis & Christos Ziotis


March 17, 2015

Greece will begin debating measures to boost liquidity as the cash-starved country braces for more than 2 billion euros ($2.12 billion) in debt payments Friday.

Unable to access bailout funding and locked out of capital markets, the government will outline emergency plans to parliament Tuesday to increase funding. Payments due March 20 include interest on a swap originally arranged by Goldman Sachs Group Inc., said a person familiar with the matter who asked not to be identified publicly discussing the derivative.

Prime Minister Alexis Tsipras’s government is burning through cash while trying to get its creditors -- euro area member states, the European Central Bank and the International Monetary Fund -- to release more money from its 240 billion-euro bailout program. European governments have said they won’t disburse any more emergency loans unless the government in Athens implements a set of economic overhauls agreed last month, including pension and sales tax reform.


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