This is where Greek gov't could find cash to cover May's obligations

Photo by MacroPolis
Photo by MacroPolis

Following the submission of 187.5 million of non-competitive bids on Thursday, Greece rolled-over 3-month T-Bills worth 1 billion this week. This was the third key transaction related to payment of debt obligations over the past 10 days.

The second major debt obligation was the payment of around 450 million euros to the IMF on April 9. Similarly to the T-Bill rollover on the previous day, the state utilised cash reserves of the general government (gg) entities to cover this obligation.

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