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Greece Warns of Going Broke as Tax Proceeds Dry Up

Niki Kitsantonis
CNBC [1]
Wednesday, June 6, 2012

As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money.

Nikos Lekkas, a government official, said banks had hindered his efforts to collect back taxes.

Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals.

Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s troubled banks. Some are even suggesting doling out i.o.u.’s.

Full story here. [1]