Greece Runs Out Of Money. Again

The tragic Greek lament continues via Reuters:

[W]e are certainly on the brink, we did not receive the aid tranche we were supposed to and we have the pending issue of an ECB bond maturing on Aug. 20.”

 

Greece has narrowly dodged bankruptcy several times before, with the government carrying out a juggling act of holding off on paying some suppliers and issuing T-bills until the next tranche of aid from lenders arrives.

 

The assessment of Greece’s progress in meeting the terms of its bailout by EU/IMF inspectors, who are currently on a visit to Athens, is not expected until September.

 

Adding to the uncertainty, Greek political leaders have been wrangling over 11.5 billion euros of cuts that are crucial to appeasing the lenders.

 

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