Bank of Greece

Alt. Finance Minister Dimitris Mardas told private MEGA TV on Wednesday that there is a deficit of 350-400 mln euros that needs to be covered by April 27 so that the government can meet its obligations and pay salaries and pensions.

"We have a 350- to 400-mln-euro revenue deficit that needs to be covered by the end of the month in order to meet the country's needs," he said.

Alternate Finance Minister Dimitris Mardas was present at the emergency meeting called by the Central Union of Municipalities of Greece (KEDE) following a government decree for public bodies to transfer funds to the Bank of Greece (BoG). Mardas explained that the government hopes in this way to cover a "gap" in its finances worth 552 mln euros.

Mayors insisted on Tuesday that they would not allow their municipalities? cash reserves to be transferred to the Bank of Greece, as the government wants, at least until they have held a meeting with Prime Minister Alexis Tsipras.

Greek bank bonds fell to records as the European Central Bank was said to be studying measures to rein in funding to the country?s lenders.

By Jeff Black, Nikos Chrysoloras & Stefan Riecher

The European Central Bank is studying measures to rein in Emergency Liquidity Assistance to Greek banks, as resistance to further aiding the country?s stricken lenders grows in the Governing Council, people with knowledge of the discussions said.

With pressure growing on state coffers as cash reserves run low without any immediate prospect for the release of rescue loans, the government on Monday signed a legal degree obliging state bodies, with the exception of pension funds, to transfer their reserves to the Bank of Greece for the state?s use.

The government on Monday announced an urgent ministerial decision on Monday to transfer reserves from various general government entities to the Bank of Greece, a move that bypassed the legislative process.

The government?s decision to introduce a legislative act forcing state entities to submit their cash reserves to the Bank of Greece canceled out all gains that stocks had notched up in the week?s opening session at Athinon Avenue, while banks shook off the threat by eurozone central bankers that the Greek credit system may soon be short of collateral for drawing liquidity.

Piraeus Bank announced late on Friday that it is absorbing the healthy part of Panellinia, a small cooperative bank that failed to complete its required share capital increase.

Piraeus Bank S.A. announced yesterday the acquisition of the “good” part of Panellinia Bank S.A. following a tender offer launched by the Bank of Greece.

According to the announcement released yesterday by Piraeus Bank, its proposal guarantees all job positions of Panellinia’s employees.