Βy V. Kostoulas
A "cash cushion" currently being accumulated by the Greek state will guarantee the necessary liquidity that a prospective precautionary credit line would offer, a top Eurozone source said from Athens on Tuesday, all amid a spike in Greek bond spreads as the country heads towards an official exit from the third bailout in August.
The same source stressed, moreover, that Greece should not exhaust this reserve - estimated to reach around 20 billion euros - but should attempt new forays into the markets for its borrowing needs in the post-memorandum period.
Speaking after another high-level EU official made off-the-record comments on the Greek program earlier in the day, the latter Eurozone source said the IMF will remain active in the Greek program, one way or another, even in a non-creditor capacity. The official added that the ESM's program for Greece, for instance, is independent of IMF funding.