ATHENS: Economy Minister George Stathakis said that “Country’s cash shortfall is projected to hit €3.5 billion in March 2015. 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”.
Cash-strapped Greece has maybe given up hope that the EU will solve its financial woes, and is seeking direct handouts from benevolent donors. The bank set up an account called ‘Solidarity Account for Repayment of Public Debt’, which has been open for contributions since March 5. The account will accept “voluntary deposits, to be used exclusively for the repayment of Greece’s public debt” according to the bank’s official website.
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. Bloomberg estimates the country is facing a €3.5-billion cash crunch in March. This projection is in line with reports from Greek banks stating they have seen the highest spike in bank withdrawals in the past month.
