Greece facing cash crisis

(Vatican Radio) The Finance Minister of Greece, Yanis Varoufakis, has said that the country is facing a cash crisis.

Following a meeting with his peers in the 19-country eurozone, Yanis Varoufakis state that Greece was being strangled by a liquidity problem that could become ``binding'' in a couple of weeks.

Greece is facing an acute cash crunch that financial market analysts consider could force the country to default on its debts, establish restrictions on capital flows and possibly leave the euro currency and return to the Drachma. The financially embattled country is considered to be one of the great uncertainties in the global economy.

For over three months now, Greece and its creditors have been trying to agree on a list of reforms and budgetary measures in order to receive a bailout loan worth 7.2 billion Euro. The bailout loan is required to help pay upcoming debts, as well as to meet its day-to-day requirements, including items such as wages and pensions. The latter are thought to be around 1.5 billion euro through this month.