Photo: 
EPA
Greeks bearing lists: the cash squeeze tightens

Greece’s radical-left government was due to hand in its homework today—a revised list of reforms—but submitted it three days early, on Friday. The list reportedly includes measures to raise an extra €3 billion ($3.3 billion) in revenues this year. The Greeks hope it will unlock a new instalment of bail-out money from their creditors; but although euro-zone officials may assess it this week, a swift breakthrough is unlikely. For Greece, time is of the essence. A debt repayment to the IMF of €450m is due on April 9th. Treasury bills worth €2.4 billion maturing in the middle of next month may be difficult to refinance. Outflows from Greek banks have resumed, having paused after an agreement in late February extending the country’s bail-out. Between December and February households and private firms withdrew €24.6 billion—far more than the €15.9 billion taken out in May and June 2012, when fears of a Grexit were most intense.

Mar 30th 2015
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