The Greek Public Power Corp. (PPC or DEH) is currently in a very difficult financial position, facing liquidity problems, its management said on Friday during a meeting with ministry officials. DEH's management told Finance Minister George Zanias that the utility was facing liquidity problems because of the country's low credit rating, noting that approved loans (worth 420 million euros) by the European Investment Bank have not yet been released because due to this fact. At the same time, DEH said it was unable to find new capital through the banking system because of a credit crunch in the domestic financial system, while PPC has to refinance loans worth 600 million euros, maturing at the end of June, and to repay to the Greek state 260 million euros collected from a special property surcharge. On the other hand, the public sector owes more than 100 million euros to PPC, they said. (AMNA)
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