Public Sector and Cash Reserves

international creditors: In effect, Greece is now engaged in a very high stakes game of poker, according to The Japan Times. It has issued a legislative decree to tap pockets of cash reserves across the public sector and has reportedly made plans to potentially nationalize the banking sector and introduce a parallel currency to pay bills in the event its cash reserves are exhausted. The long-term plan is a further sign of warming geopolitical ties between Athens and Moscow, at a moment when the Greek economic crisis appears to be worsening. Tsipras insists he wants Greece to keep the euro, but doesn’t appear to have a clear strategy for negotiating with international creditors. The session, billed as routine, had originally been planned for May but was brought forward, serving as a prelude to the meeting between Tsipras and Gazprom over the pipeline roadmap. What he has warned repeatedly of are major clashes that are needed with these creditors to ease the country debt burden which is over a staggering 175 percent of its GDP. Earlier last month, he also agreed to meet Russian President Vladimir Putin. (news.financializer.com). As reported in the news.