Saturday, March 21, 2015

Bankruptcy: Greece close to the financial asphyxia? – France Info

Greece transverse a liquidity crisis. A mini-summit was held emergency Thursday in Brussels. Yesterday the European Commission has finally reached 2 billion euros to support the Greeks. Because time Athens ensures that its coffers will soon be empty, while Greece must continue to pay the international aid plan.

2015 is probably one of the heaviest years for Greek finances Athens will have to repay 15 billion euros in total, the International Monetary Fund and the European Central Bank basically. It is 2 to 3 times more than it will pay next year. There is therefore deadlines each month, sometimes every week, to repay the aid package of 240 billion euros granted since the beginning of the Greek crisis there 5 years.



Does Greece has the means to pay?

If you believe the Greek Prime Minister, the answer is no. According to Alexis Tsipras, the coffers of the state will be empty in April. This is what he had slipped on Thursday night in Brussels. In fact Greece lack of liquidity. Probably 2 to 3 billion some analysts.
But it is very difficult to know how exactly. European experts have also visited Greece last week, especially for peeling accounts of the country and try to see things more clearly.



Why lack t he cash?

First, we said, because there are large sums to be paid, to repay the plan international aid.
Then, because the money comes less in the coffers of the state. Taxes reported less than expected in recent months. Syriza, the party came to power in January, promised to lower taxes. Households and companies have anticipated. Some stopped to pay. The backlog of tax revenue reached 76 billion euros. Finally, the last difficulty investors began to withdraw their money from banks – € 300 million just for the day Wednesday – for fear of a new crisis. This weakens banks may have more difficulty in lending money to the Greek state.



Does the risk of going bankrupt Greece

The situation is very tense. Greece needs money. There is a crucial deadline: in June, Athens awaits the final tranche of international aid – a little over 7 billion euros – which will be paid to the condition that the government of Alexis Tsipras presents a plan accurate and encryption reform. This is the agreement that was reached with the European Commission. And it seems that neither Athens nor Brussels did want a new crisis. But even if Athens is receiving the money in June, everything will be settled. It will further refunds, over 6 and a half billion in July and August in particular. The question of the solvency of Greece may arise again.

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