EC Publishes Greek Debt Report
As reported by the European Commission today, Greece will revamp its cash management strategy across different state organizations, in an effort to reduce its 5.5 billion euro funding deficiency.
These actions will occur within the next twelve months, during its bailout program.
The Hellenic government will create a borrowing framework that implements state agencies and idle account funds, regarding liquidity aspects. The new procedure will begin in 2015. The plan encompasses an analysis of commercial bank governmental accounts; obsolete accounts will be terminated by June.
The EC study stated, "Implementation of these above measures, as well as disbursements according to the program schedule would help to cover the financing gap until May 2015". The Brussels-based report claimed that public debt is predicted at 125% of 2020's gross domestic product; a percentage point increase since last July's progress study. It also reported that the ratio will hit 177.2% in 2014, before lowering to 172.5% in 2015.
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