The Greek government has ordered state agencies, pension funds and local government entities to transfer their cash reserves to the central bank, according to news reports Monday, with the move coming as Greece races to service its mounting debt. Greece is at risk of running out of cash as talks with its international creditors about implementation of required economic reforms have moved slowly. Yields on Greek bonds rose further Monday afternoon as bond prices fell. The yield on 2-year Greek debt climbed 1.5 percentage points, to 27.96%, and the 10-year yield rose 32 basis points to 13%, according to Tradeweb data.
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