Greek FinMin: Greece Has to Come Up with €3.5 Billion Revenues”Now!”

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Greece’s newly appointed Finance Minister Yiannis Stournaras is in need of money. A lot of money. Precisely 3.5 billion euro. In state revenues. He needs this amount as soon as possible due to delays in the implementation of the bailout programme. Only with this money the imposed programme will come back on track. Otherwise, Greece cannot make any demands form the country’s lenders to ease bailout terms. That’s what Stournaras told journalists in Brussels.

“Greek Finance Minister Yiannis Stournaras said the government needs to come up with 3.5 billion euros in revenues «now» in order to get its reform program back on track and before it can make any demands from the country’s lenders to ease the terms of its bailout deal.

Speaking to Kathimerini in Brussels following a meeting of eurozone finance chiefs in which it was decided that the discussion on Greece’s fiscal adjustment program be postponed until September, Stournaras said «because the program is significantly delayed in many of its aspects, for the time being there is nothing [they] can say.»

«We must bring the program back on track before we can make any demands,» Stournaras said, adding that while he did not discuss Greece being granted an extension to the program from the Eurogroup, he did «introduce the idea that once we receive a positive evaluation from the troika, we will suggest it.»

Stournaras was referring to the government’s plan to ask for a two-year extension for meeting the fiscal targets outlined in its 130-billion-euro loan agreement with the European Commission, European Central Bank and International Monetary Fund, collectively known as the troika.

«The problem with an extension,» Stournaras said, «is that it will require further funding. They understand our position, but no one would commit that they will accept it.»

The newly appointed finance minister said that the focus of his discussions with his eurozone peers was on whether Greece would be able to achieve its targets for September and whether it will be able to secure mid-term funding «before we receive the next installment of 31 billion euros.» Stournaras said that Greece can take «alternative measures» to cover its revenue needs, but that these «will not be easy, nor necessarily accepted.» (further reading Kathimerini)

Three point five billion euro? Now? Sorry, Yiannis, I can’t help. My priority is to spend my deposit of 200 euro in summervacation. So I can get my psycho world back on track and thus as soon as possible. That’s more important, in times of recession, lack of cash and liquidity, high electricity bills due to summer hear waves and no future perspective.

And BTW: You want me again to pay the bill for the inability of Greek politicians to follow the commitments they sign for, or for failing to form governments due their micro-personal interests?

PS I’d rather spend 200 euro in ice-cream 🙂