“It’s all been said before, but not yet by everyone“ (Karl Valentin)
The financial situation in Greece is muddied and nothing definite is known. Specific figures are not available, at least not publicly. Speculation flourishes. But an end to Tsipras’ government’s poker game with the Troika seems to be in sight. Greece will run out of funds by the end of June at the latest. Then a decision must be made, one way or another, unless the Troika helps out once more with new money. The financial coup in which the IMF loans are paid via special drawing rights created for emergencies cannot be repeated. Gambling on further multi-billion Euro emergency liquidity assistance (ELA) from the ECB, however, hasn’t been ruled out. Additionally, the hope that if necessary the creditor countries of the European Stability Mechanism (ESM) deliver once more without real reforms is not unfounded.