But if the memorandum is rejected altogether, then “our institutional creditors will believe they have no obligation to continue funding Greece.” The European Financial Stability Facility (EFSF) gave on Wednesday the green light for the disbursement of the second installment of the new bailout package, amounting to 5.2 billion euros, but Athens will only receive 4.2 billion on Thursday, with the rest to arrive in June, depending on the country’s needs, the EFSF suggested. It remains unknown when and whether the following installment will arrive. The Finance Ministry had said on Tuesday that the public coffers can only cover the state’s expenses until June.
Bank sources expressed major concern regarding political developments and even suggested yesterday that a moderate trend of deposit withdrawal from banks had been observed in the aftermath of the Stratoulis statements, which also included a plan for the use of deposits to kick-start growth in the country. However, Stratoulis made it clear that deposits would be guaranteed up to a certain level. The threshold could be 100,000 euros.