Red alert for cash balances!

Are they thinking of “using” the contingency reserve?

 

The state budget is moving close to its limits and even surpasses them, thus threatening the payment of wages and pensions due to the apparent delay of the 6th tranche for November.

According to reports, the state cash barely covers the salaries of civil servants for October 13. At 14, the government will attempt to borrow up to 2 billion in treasury bills. Of these, it must pay 0,5 billion for the state pensions and be ready to meet any requirements of insurance funds that will pay about 2 billion to pensioners of other funds.

Meetings have started since early in the morning at the finance ministry in view of Venizelos’ announcements at 1pm. According to information, they even think of turning to the regular budget reserve (about 250 million), or even the temporary one, which according to estimates amounts to more than 1 billion but is reserved for natural disasters, urgent and unforeseen needs that cannot be met in any other way.

Regarding the last case, it is more likely they will transfer the wage (15-45 days) and pension (10-30 days) payments, than tampering with the contingency reserve.