Greek government hunts for cash

Greek government is raiding public service institutions' coffers for cash to service the debt and keep the nation afloat.

• Athens is due to pay €1.7 billion towards wages and pensions at the end of the month and €450 million loan payment to International Monetary Fund (IMF) on April 9.
  
  
• According to sources familiar with the matter expects Greece to run out of money by April 8^th and it might falter at least one of the payments in parts.
  
  
• Government has asked public healthcare service provider to hand over € 50 million in cash that was kept as reserve for payments to health workers.
  
  
• Government so far has taken out cash worth € 600 million cash from other public service provider like Athens Metro, electric and water supplies.
  
  
• Cash crunch is so acute that the government was forced to move € 300 million worth of farmer subsidy towards salary payments.

Meeting among Euro zone leaders and personal meeting between Mr. Tsiparas and Mrs. Merkel on Monday, so far failed to achieve anything concrete. Greece yet to present improved reform list that would go through the Brussels group inspectors and the European leaders.

• Sources say, in background Euro zone officials have started preparing for alternative scenario such if Greece truly runs out of money. One of the measure being discussed is capital control.
  
  
• On a separate instance Greece demanded return of € 1.2 billion for bank's recapitalization, that was allegedly taken out wrongly by Eurozone officials. However quick return of such money is highly unlikely.

ECB is also stepping up pressure on Athens. It barred Greek banks to increase holdings of government treasury bills as according to ECB is already above limit.

• Government need to roll over bills worth € 2.4 billion by April end. With Greek banks gone, future of those rollovers look bleak.

Euro is currently trading 1.098 against dollar, so far looked away from the situation. However possibilities of Greek default is quite high.