The British press on the problem in Greece
Greece orders raid on government coffers as cash dwindles (The Telegraph/4-20-2015)
The Greek government has ordered a mandatory transfer of cash reserves from state-owned enterprises to its central bank, in a desperate bid to gather enough cash to remain solvent. Citing “extremely urgent and unforeseen needs”, the government issued the emergency decree which will apply to all local government bodies immediately. The move comes as Athens’ cash crisis degenerates with every passing day. Even the most conservative estimates calculate the government’s coffers will run dry in a matter of weeks.
Bank of France says Greek banks close to collapse (The Times/4-21-2015)
Greek debt costs leapt yesterday as the French central bank warned that the banking sector in Athens is on the verge of collapse. The euro fell 0.6 per cent to $1.074 after International Monetary Fund and G20 meetings in Washington held out little progress on the prospect of Greece satisfying creditors to unlock €7.2 billion in financial aid by the end of the month.
Stalemate over Greek bailout could spark global financial crisis, Osborne warns (The Times/4-17-2015)
George Osborne has warned that the stalemate in talks over bailout funds for Greece could be calamitous if it is not resolved, sending the Eurozone back into crisis and having spillover effects for the UK. “The situation in Greece is the one that at the moment is the most worrying for the global economy,” Mr Osborne told reporters at the International Monetary Fund Spring Meeting in Washington DC.
Eurozone is ‘playing with fire’ if Greece is forced to default, warns Varoufakis
(The Times/4-20-2015)
Greek banks are on the verge of running out of money as the country’s finance minister warns other eurozone nations not to “play with fire” by forcing Greece into a default. Negotiations to prevent Greek bankruptcy next month continue to be deadlocked over eurozone demands for VAT increases, pension cuts, privatisations and labour reforms in return for emergency funding.
