Bank of Greece solicits donations on website to pay off debt

Published on Russia Today RT, March 20, 2015 – (with Picture: Screenshot from Bank of Website)

While Mr Tsipras isn’t saying what’s left in the bank, he acknowledges Greece is facing “liquidity pressure.” The country’s cash shortfall is projected to hit €3.5 billion in March, according to Bloomberg calculations based on 2015 budget figures.

Greece’s coffers are spread thin, but the country has €3-4 billion in buffer cash stored at the Bank of Greece that could be used at a pinch, according to Economy Minister George Stathakis.

By the end of March, Greece needs to pay the IMF a total of €1.5 billion, €350 million of which is due on Friday … //

… The Greek government doesn’t want to extend its bailout package with the EU, but at the same time needs money to keep the country afloat.

The bailout, along with Greece’s massive €316-billion debt, has kept Greece in recession for more than six years. Unlike other countries bailed out by the EU, Greece has failed to reverse crippling unemployment or stunted growth, which has contracted 25 percent since 2010.

The EU was forced to come to Greece’s rescue in 2010 and 2014 with two bailouts totaling €240 billion. If Greece had gone rogue and defaulted, the turmoil would have spilled over to the then 18-member euro currency bloc.

Very little progress has been made between Athens and Brussels since both parties agreed to extend Greece’s bailout by four months.

(full text).


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