Empty coffers complicate negotiations with the Greek government … – Daily Management

While the coffers of Greece are emptied and payments, the government of Prime Minister Alexis Tsipras is getting closer when the financial truth ahead.

(Bloomberg) Tsipras may have earned some time after the EU summit yesterday in Brussels but still does not say what is in the bank and acknowledges that Greece faces a “liquidity pressure”. Is projected cash deficit of the country will reach 3,500 million euros (US $ 3,700 million) in March, according to Bloomberg calculations based on figures from the 2015 budget.

After nearly four hours of talks with German Chancellor Angela Merkel, and four other European leaders yesterday, Tsipras not received assurances that the creditors will release cash from a rescue plan by 240,000 million euros. The EU leaders warned him that time is running out to overcome an impasse for the help and the Greek government should quickly present a new list of reform measures.

“To be honest, the ball and is in the hands of the Greek government, “he told reporters in Brussels today Finnish Prime Minister Alexander Stubb. “The institutional decisions were taken on February 20 after long and difficult negotiations.”

Meanwhile Tsipras prepares for another meeting with German Chancellor Angela Merkel in Berlin on Monday, growing concerns whether it will be able to pay salaries and pensions next week. It is not known how long it will survive Greece, with estimates ranging from days to a few months. An EU official said yesterday that the euro zone borrowers understand that Greece has enough cash until late April.

We avoid a rupture
“We avoid a break that can generate panic depositors next week, “said George Pagoulatos, professor of politics and economics at the University of Athens. “On a more substantive level, we saw that neither side wants to take things to the extreme. But the fact is that Greece must present concrete commitments to reform and could not have been otherwise. “

” A government should not be in this position because it is a difficult situation prone to accident, “said Athanasios Vamvakidis, head of foreign exchange strategy G10 at Bank of America Merrill Lynch. “We are assuming that in April and May, the government mainly pay salaries and pensions. For everything else, things will be postponed or is that the government will incur arrears “.

It was expected that Greece made a payment of 350 million euros to the International Monetary Fund on Friday, a Greek official said reporters yesterday in Brussels.

Although Tsipras meets the obligations March, things can not but become more difficult in the coming months. The deficit in the second quarter, including debt payments, is about 5,700 million euros, based on Bloomberg calculations using monthly figures 2015 budget approved by the previous government and information from the Ministry of Finance on service costs debt.