Greece Will Run Out Of Money In A Few Weeks, Might Issue IOUs

Greece is about to run out of money only a short time after receiving a $161 billion bailout package meant to keep the country moving forward towards economic stability.

According to reports the Greek government will run out of money by early July which means it will not be able to pay government salaries, pensions or fuel imports, essentially driving the country to a complete standstill.

The country is experiencing a massive budget shortfall as tax revenues have plummeted while taxpaying businesses close their doors or dodge their taxes in an attempt to stay open through the countries hard economic times.

Revenue is down 25% over the last year and Greece currently owes $55 billion in back taxes which it is unlikely to pay back anytime in the near future.

On Greece official in the countries financial crimes investigative use tells the New York Times:

“One repercussion of the crisis is that people are harder to find. And when you do find them, they don’t have money.”

In one case that official visited the island of Naxos to find tax dodgers but his luck ran out when a local radio station broadcast gave out his license plate number on air in order to warn residents about the tax man.

Greece will have a new government in place by the end of June and that government will have to determine if they should dip into recapitalization funds to pay workers or simply start offering IOUs to their creditors.

If Greece draws to a standstill the effects will be felt around the world.