Greece raids local authorities for cash as repayments loom

Bank of Greece

The cash-strapped Greek government today issued a decree forcing local authorities to transfer cash balances to the Bank of Greece, just weeks before the country must pay €1 billion to the IMF.

Citing the government's "extremely urgent and unforeseen need" for cash, the legislative act instructs local authorities to transfer cash and time deposits to treasury accounts held at the central bank.

Published in the government gazette today, the act (available here in Greek) excludes funds needed by t

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