Greece issued a legislative mandate for public sector entities idle cash reserves transferred to the central bank, as part of efforts to deal with a shortage of funds.
Greece issued Monday a legislative order that public sector entities idle cash reserves transferred to the central bank, as part of efforts to deal with a shortage of funds.
Greece has been resorting to the reserves of pension funds and public sector entities through repurchase agreements to cover their financing needs.
As of Monday excludes pension funds and some firms state. Cash reserves required by these entities to their immediate needs were also exluidas payment of regulation.
The problems of Athens for funds show how extreme have become the financial needs for the Greek Prime Minister Alexis Tsipras, while trying to convince skeptical foreign creditors to extend further financial support to country.
Greece must pay the IMF nearly 1,000 million euros next month. The country has said it wants to honor its debt obligations.
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