by Chris Becker
Overnight the ECB continued its lifeline to Greece, extending the cap on its emergency fund by 1.2billion Euros while the beleagured state resorted to “emergency measures” to repay an IMF bill of 750 million Euros due yesterday. This round robin of debt chasing ephemeral debt will continue for several more weeks as Greece faces an ongoing liquidity crush.
The country’s enigmatic financial minister Yanis Varoufakis has been playing a deadly cat and mouse game with the Troika to wring the last billions out of its current aid package, which included recently as last night getting some support from staid German and Dutch financial ministers.