Desperate Times Marked By Desperate Measures in Greece

By Sam Willie

With €450 million of debt due to International Monetary Fund on April 9th, Greece has been forced to take drastic measure to round-up the cash needed to stay afloat. The Guardian reports that Greece’s government has postponed all payments for state supplies in an effort to stave-off default. It has also seized money from pension funds and EU subsidies destined for farmers. Greece’s former Finance Minister Stefanos Manos has told the Guardian the his country is “scraping the bottom of the barrel for everything they can find.” Adding insult to injury, Greece is simultaneously experiencing a sharp decline in tax revenues as investors are withdrawing their funds and sending them to perceived safer havens abroad.