Greece’s
economy fell back into recession in the first quarter, raising pressure on the
government to reach an agreement with creditors over the next bailout payment.
“Greek GDP
numbers are not disastrous, but the more timely indicators deteriorated much
more rapidly since March,” said Michael Michaelides, a fixed-income strategist
at Royal Bank of Scotland Group Plc in London. “So we would expect the full
costs of the impasse to be reflected in the second-quarter numbers.”
The
contracting economy increases the measures Prime Minister Alexis Tsipras needs
to take to meet conditions set by euro-region governments and the International
Monetary Fund. Greece’s government will have to raise at least 3 billion euros
($3.4 billion) to meet the minimum budget targets acceptable by creditors, an
official with knowledge of the discussions said.
Greece has
enough cash to make it through “a couple of weeks,” Finance Minister Yanis
Varoufakis said after a meeting of euro-area finance ministers this week. The
nation paid back about 750 million euros to the IMF by drawing on a holding
account at the fund, a Greek official said. The government has also raided
municipal coffers to pay salaries and pensions.
(Πηγή:
bloomberg.com)
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