Thursday, April 10, 2014
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Debt restructuring on hospitals debt bank withdrawals
Four things of interest are happening these last few days in Greece
a) The annual budget is apparently succeeding in containing the deficits, but in reality it is not. Expenses are not paid and thus the state sector is having problems in its operations (especially hospitals). Additionally state investments are underfunded, relatively to the committed amount they have from the budget.
By showing that the budget is achieving is targets to cut deficits, the government can take the next loan payment by the IMF+EU. (Theres a periodical three-month check to ensure targets are met)
b) Hospital debt (~7 bn) has been restructured. Suppliers will end up getting approximately 20% less than theyre owed.
c) Bank Of Greece is delaying bank deposits reports in order not to cause panic. Normally they require approximately 10-15 days after the end of a given month in order to issue the data. Now this number has been brought to 45 days. For example Aprils 2010 deposit data was published just today. In April was recorded the biggest single loss of deposits over a months period, approximately 9 billion euros. You can find this report here
d) People are booing politicians wherever they go. The media do not report these incidents.
Debt restructuring on hospitals debt bank withdrawals
a) The annual budget is apparently succeeding in containing the deficits, but in reality it is not. Expenses are not paid and thus the state sector is having problems in its operations (especially hospitals). Additionally state investments are underfunded, relatively to the committed amount they have from the budget.
By showing that the budget is achieving is targets to cut deficits, the government can take the next loan payment by the IMF+EU. (Theres a periodical three-month check to ensure targets are met)
b) Hospital debt (~7 bn) has been restructured. Suppliers will end up getting approximately 20% less than theyre owed.
c) Bank Of Greece is delaying bank deposits reports in order not to cause panic. Normally they require approximately 10-15 days after the end of a given month in order to issue the data. Now this number has been brought to 45 days. For example Aprils 2010 deposit data was published just today. In April was recorded the biggest single loss of deposits over a months period, approximately 9 billion euros. You can find this report here
d) People are booing politicians wherever they go. The media do not report these incidents.