Red alert for cash balances!

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

According to reports, the state cash can barely cover the salaries of civil servants for October 13. On the 14th, the government will attempt to borrow up to 2 billion in treasury bills. From it, 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 at the finance ministry since early in the morning in view of Venizelos’ announcements at 1pm. According to information, they are thinking 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, rather than tamper with the contingency reserve.