1.214 bln€ over Jan-Aug to cover Greek state arrears towards private sector, a memorandum obligation

20 September 2017
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The Greek state allocated 1.214 billion euros over the January-August 2017 to cover arrears towards the private sector, the finance ministry announced this week.

In August alone, the figure reached 109 million euros, according to the Bank of Greece.
Additionally, another 297 million euros – beyond the 1.214 billion euros – were allocated to cover the state’s participation in share capital increases for public sector-owned enterprises.

The issue of covering arrears is a priority for the finance ministry, as creditors have linked the disbursement of a 800-million-euro sub-tranche – left over from a major tranche of bailout loans extended in June after the second review was concluded – to efforts at reducing the state’s debts to third parties.

A memorandum target stipulates that 80 percent of June’s bailout loans must go towards covering arrears.

In referring to the issue, a top government official this week appeared confident that the sub-tranche will soon be disbursed by the ESM, citing a difficulty by Greece’s cavernous state mechanism in dealing with the issue.

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