{"id":6159,"date":"2015-03-02T20:04:03","date_gmt":"2015-03-03T01:04:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6159"},"modified":"2015-03-02T20:04:03","modified_gmt":"2015-03-03T01:04:03","slug":"as-greek-default-fears-return-government-considers-borrowing-pensions-to-repay-imf","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6159","title":{"rendered":"As Greek Default Fears Return, Government Considers “Borrowing” Pensions To Repay IMF"},"content":{"rendered":"

As Greek Default Fears Return, Government Considers “Borrowing” Pensions To Repay IMF<\/a><\/h3>\n

Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year\u00a0as the warnings we issued last week<\/a>\u00a0with regard\u00a0Greece’s imminent default on its IMF loan loom<\/strong>. Seeking to reassure its lenders (and avoid yet more capital flight),\u00a0Reuters reports<\/a>\u00a0the Greek government said it was\u00a0“exploring solutions,” including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds<\/strong>.\u00a0\u00a0\u00a0<\/em><\/p>\n

As Reuters reports,<\/em><\/a>\u00a0Athens is running out of options to fund itself\u00a0<\/strong>despite striking a deal with the euro zone in February to extend its bailout by four months. Faced with a steep fall in revenues, it is expected to run out of cash by the end of March, possibly sooner.<\/p>\n

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“The Greek government has been exploring solutions … to ensure there won’t be a single problem with repaying the IMF loan, or its funding obligations in March,”<\/strong>\u00a0Government Spokesman Gabriel Sakellaridis told Greek radio.<\/div>\n

So far, Athens’s other funding options have stumbled upon problems.<\/strong>\u00a0Transferring 1.9 billion euros worth of profits the European Central Bank made on buying Greek bonds will not be allowed until Greece has completed promised reforms.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

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As Greek Default Fears Return, Government Considers “Borrowing” Pensions To Repay IMF Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year\u00a0as the warnings we issued last week\u00a0with regard\u00a0Greece’s imminent default on its IMF loan loom. Seeking to reassure its lenders (and avoid yet more […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2504,195,200,284,1167,3886,418,434,1816],"class_list":["post-6159","post","type-post","status-publish","format-standard","hentry","category-economics","tag-athens","tag-debt","tag-default","tag-european-union","tag-greece","tag-greek-default","tag-imf","tag-international-monetary-fund","tag-pensions"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6159"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6159\/revisions"}],"predecessor-version":[{"id":6160,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6159\/revisions\/6160"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}