As Greece is running out of funds, Greek deputy finance minister Dimitris Mardas ordered the transfer of 1,039 bank accounts of public authorities in a special account in the National Bank of Greece (NBG). With fears of a forthcoming Greek default triggering volatility in markets across the union today, this initiative depicts cash-strapped Greece’s struggle to collect the money needed to make debt repayments to the International Monetary Fund (IMF) in June and avoid potential bankruptcy. The transfer of funds should be completed by June 5th, the day that the Greek government has to pay its next installment to the International Monetary Fund.
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