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International

Greece: $473.7 million deficit in insurance funds for last three months of 2014

January 13, 2015 Reprints

There was a shortfall of €400 million ($473.7 million) in Greece's insurance funds for the last three months of 2014, reported Greek Reporter citing website iefimerida.gr.

There is a monthly deficit of about €130 million ($153.9 million) in the insurance funds.

A 16% to 17% lag was observed in expected revenue from October 2014.

The shortfall in funds is likely to continue at least through February 2015.

"Unless there is a drastic change, there will be a serious cash flow problem after February," said a source.

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Greece: $473.7 million deficit in insurance funds for last three months of 2014

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