Saturday 21 April 2018

Greece Finance Minister fears country will run out of cash in just weeks

Greek finance minister Yanis Varoufakis
Greek finance minister Yanis Varoufakis

The Greek finance minister has admitted his country may have only enough cash to meet its financial commitments for a "couple of weeks".

Yanis Varoufakis said: "The liquidity issue is a terribly urgent issue. It's common knowledge, let's not beat around the bush.

"From the perspective [of timing], we are talking about the next couple of weeks."

Mr Varoufakis was speaking after a meeting of his eurozone counterparts in Brussels as Greece confirmed it had scraped together enough money to make an International Monetary Fund (IMF) repayment of €750m due on Tuesday.

Ministers said Greece had made "progress" but more work was needed.

The Greek government is struggling to meet its payment obligations.

Greece has until the end of June to reach a reform deal with its international creditors. Its finances are running so low that it has had to ask public bodies for help.

The crisis has raised the prospect that Greece might default on its debts and leave the euro.

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