Time, money and lies will run out after the elections...

The Greek economy is now on "autopilot", but on a collision course and having lost all support. Despite the election "nirvana" and difficulties with tax collection, the data of the General Accounting Office shows that the liquidity of state funds will run out immediately after the elections and the State will not be able to cover payments of about 1 billion euros.

The interim government is fighting to preserve the low reserves in the State coffers, virtually freezing all payments, giving priority to paying the election expenses (over 30 million) and medicines for those insured in EOPYY.

As the absence of government is prolonged, the Troika auditors will not return and the subsequent tranches will remain frozen; thus, the financing gap could only be filled temporarily by raising capital of approximately 3 billion euros from the stock of the Financial Stability Fund. According to reports, negotiations have already begun between Finance minister George Zanias and the Troika technical teams so that the Greek government can draw from these funds.

According to estimates by the General Accounting Office, State reserves will be reduced gradually and will reach about 700 million euros on 18/6 and from 20/6 will move to a negative level of around 1 billion.

From late June onwards, the State's ability to fund its obligations will be fully dependent on the approval of the payment of subsequent tranches of loans by the EFSF and the Troika, which will come after the Troika review on the implementation of the economic program.

Even the 1 billion euros withheld by the EFSF from the second tranche of the loan will be disbursed according to the result of negotiations between the Troika and the government that will emerge after the forthcoming elections.

The issuance of additional treasury bills could be an emergency solution to the problem. For this month the goal is to draw 3.6 billion euros and now officials are considering to increase this amount by at least 1 billion. At present, the leadership of the Finance ministry does not favor such a development because it would burden the debt even more, making it difficult for it to be approved by the Troika, who are concerned about maintaining its viability after the last slashing.