Financial Times: Greek government presses social security funds to hand over cash
Greece’s cash-strapped Syriza government is pressing the country’s social security funds to hand over hundreds of millions of euros immediately to ensure that pensions and civil servants’ salaries are paid this month.
The unprecedented transfer of bank deposits, which is opposed by pension and welfare funds, follows an unexpectedly sharp fall in tax revenues in January that has left the finance ministry scrambling to raise funds to make a €1.2bn loan repayment to the International Monetary Fund due by March 20.
Yanis Varoufakis, the finance minister, insists Greece has enough cash to meet its debt obligations this month, while at the same time warning that payments to government suppliers and refunds of value added tax may be suspended because of the cash crunch.
WNU Editor: This is what happens when a government is desperate for cash .... they steal the pensions (see above story), they take their time to make the hard decisions .... Greece told to 'stop wasting time' over debt deal (BBC), and they blame others for their mess .... Greece says Germany owes it compensation for WWII occupation (AP).
2 comments:
WNU Editor: This is what happens when a government is desperate for cash
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All governments are desperate for cash .. governments make no money , they only exist by the power to tax, when taxpayers lose the ability to pay taxes either through unemployment/bankruptcy from unsustainable debt etc. where any cash is spent on absolute necessities,then of course,the governments/bankers go after the savers ie: the "bail in" clause that has right to your savings/401k's/RRSP's/pensions etc. that all G20 countries signed into law a few months ago ..
Of course as the finance minister said . there's no need to ever use that happening with our so called devaloped countries .. right??
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there's no need to ever use that happening with our so called devaloped countries ..
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there is no need to "fear" that happening
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