Greek gov’t issues emergency decree for payment obligations

Global Business

Greece is running out of money. And the government, in order to meet its payment obligations, issued an emergency decree, ordering the country’s public sector operations to turn in their cash reserves. Talks with the country’s creditors for the release of more aid are still at an impasse and the question now is, how much further can Greece go without international aid. CCTV’s Filio Kontrafouri reports from Athens.

Greek gov\'t issues emergency decree for payment obligations

Greek gov\'t issues emergency decree for payment obligations

Greece is running out of money. And the government, in order to meet its payment obligations, issued an emergency decree, ordering the country's public sector operations to turn in their cash reserves. Talks with the country's creditors for the release of more aid are still at an impasse and the question now is, how much further can Greece go without international aid. CCTV's Filio Kontrafouri reports from Athens.

Highlights:

  • Local authorities plan to defy the government’s order to transfer their cash reserves to Greece’s central bank as a buffer -about 2.5 billion euros, enough, according to the government, to get Greece through May.
  • Since 2010, Greece has received two rescue packages worth 240 billion euros.
  • The final payment has been held up after the new, leftist-led government refuses to give in to several of its creditors’ demands, such as privatizing state assets and raising taxes.

  • Athens woos partners outside Europe
    One of Europe’s top officials has told CCTV that Greece is free to look at other trade partners. We’ll hear from him in just a moment. And yet one of those partners happens to be a country whose relations with Europe are at an all-time low. And that raises questions about where its economic future really lies. CCTV’s Owen Fairclough filed this report.

    Athens woos partners outside Europe

    Athens woos partners outside Europe

    One of Europe's top officials has told CCTV that Greece is free to look at other trade partners. We'll hear from him in just a moment. And yet one of those partners happens to be a country whose relations with Europe are at an all-time low. And that raises questions about where its economic future really lies. CCTV's Owen Fairclough filed this report.