The Greek ministry of finance is rushing to raise 6.95 billion euros in March in order to meet obligations regarding its international debt. The Treasury needs to find the appropriate funds for loan installments. Specifically, there is a 1.6-billion-euro tranche for the International Monetary Fund pending. Also, Greece needs to renew three versions of treasury bills, one worth 1.4 billion euros and two worth 1.6 billion euros each. Finally, Athens needs to pay another 750 million euros on interest for Greek bonds sold to international creditors. Along with these liabilities, the Treasury must cover the needs for salaries of public sector employees, pensions and other state expenses. Athens is already in consultation with the institutions to secure the above amounts by raising the threshold for the issue of T-bills, which is currently at 15 billion euros. Greece is asking for the threshold to be raised by 8-10 billion euros. According to government sources, a possible solution can be given on March 9 at the scheduled Eurogroup meeting. Athens is asking from the European Central Bank to return 1.9 billion euros from Greek bond profits and pay the IMF directly. The Greek Treasury is expecting revenues from the state property tax (ENFIA) and value added tax for the first two months of 2015. However, a large number of taxpayers seem unable to pay their dues. Also, the Treasury is expecting to raise 1-1.5 billion euros from repos. In addition, the Bank of Greece will give the Greek state about 650 million euros from profits. At the same time, budget figures show a deficit of about 1 billion euros in January. Nevertheless, Finance Minister Yanis Varoufakis told the Associated Press that the Greek government will make the payments on time. “We shall squeeze blood out of stone.” he said.
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