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Greece denied cash lifeline in solvency scramble

cash flow

Eurozone officials have blocked attempts by the Greek government to reclaim €1.2bn (£883m) from the European Financial Stability Facility after Athens claimed the money had been erroneously handed to creditors under the previous administration from Greece's own bank recapitalisation fund, the Hellenic Financial Stability Facility. Finance ministers from the single-currency bloc ruled that Greece has no legal claim on the funds, and Germany's finance ministry was also reluctant to allow the release, claiming there was 'no reason' to make the transfer. The denial is the latest blow to a country struggling to engineer a rescue plan, and it faces another €2.4bn cash squeeze in April, including a €450m loan repayment to the IMF on April 9.

 

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