stupid greecs, they will going well with the previous government. Their indicators were better than expected.
Athens is draining money from local governments as it desperately tries to avoid a default
The Greek state is now forcing local governments to transfer their funds to the country's central bank, according to the analysts at Macropolis. Athens has already put pressure on state-run utilities to do the same. That provides a heavier buffer against any potential default, but it leaves the local authorities in a dreadful position — and even if Greece does get bailed out by its international creditors, much of that cash will have to be used to replenish the local governments and state firms afterwards. It's also a sign that the government isn't too confident in its own financial position, though no-one outside ... (full story)