Greece will begin debating measures to boost liquidity as thecash-starved country braces for more than 2 billion euros (US$2.12billion) in debt payments Friday.

Unable to access bailout funding and locked out of capitalmarkets, the government will outline emergency plans to parliamentlater Tuesday that includes incentives for tax delinquents to payup before March 27, when the government needs money for monthlysalaries and pensions.

Prime Minister Alexis Tsipras's government is burning throughcash while trying to get creditors—euro area member states, theEuropean Central Bank (ECB), and the International Monetary Fund(IMF)—to release more money from a 240 billion-euro bailoutprogram. Euro-area finance ministry officials will hold a callTuesday to discuss Greece's deteriorating finances, according totwo European officials who asked not to be identified because thetalk hasn't been publicized.

“As days go by, room for maneuver becomes ever smaller,” saidTheodore Pelagidis, an Athens-based senior fellow at the BrookingsInstitution. “The impression given is that there's no plan A orplan B. There's nothing.”

The government's revenue-boosting plan also requires pensionfunds and public entities to invest reserves held at the Bank ofGreece in government securities and repurchase agreements, andtransfers 556 million euros from the country's bankrecapitalization fund to the state. A vote on the measures isscheduled for Wednesday.

Greek stocks rebounded Tuesday, ending four days of declines,with the benchmark Athens Stock Exchange gaining 1.9 percent as of3:16 p.m. local time. Yields on three-year bonds rose 11 basispoints to 20.29 percent.

Tsipras has asked to meet with European Central Bank PresidentMario Draghi, German Chancellor Angela Merkel, French PresidentFrancois Hollande, and other leaders at an EU summit startingThursday to discuss Greece's finances.

European governments have said they won't disburse any moreemergency loans unless the government in Athens implements a set ofeconomic overhauls agreed last month, including pension and salestax reform. Tsipras has pledged to meet the country's obligationswhile also ending austerity measures.

“None of my colleagues, or anyone in the internationalinstitutions, can tell me how this is supposed to work,” GermanFinance Minister Wolfgang Schaeuble said in Berlin Monday. Greekleaders are “lying to the population,” he said.

Government Auction

The government plans to auction 1 billion euros of treasurybills Wednesday. As much as 60 percent of the auctioned amount canbe tapped on top of that in non-competitive and second-day bids.The money will be used to roll over 1.6 billion euros of short-termnotes due Friday.

The same day, Europe's most indebted state is scheduled to repayabout 350 million euros to the IMF, while interest due on fourbonds held by the ECB totals about 110 million euros.

Payments on a swap originally arranged by Goldman Sachs GroupInc. in 2001 are also due March 20, said a person familiar with thematter who asked not to be identified publicly. The derivative, nowheld by the National Bank of Greece, masked the country's growingdebt, helping it meet European Union rules for entering the euroarea.

Spokesmen for the National Bank of Greece and Goldman Sachsdeclined to comment on the amount due for the swap, and thegovernment didn't respond to calls and text messages seekingcomment.

The interest payment adds to the country's funding woes as thegovernment misses budget targets and the ECB refuses to allow Greekbanks to keep the country afloat with additional short-term debt.Greece's 2014 primary budget surplus was just 0.3 percent of grossdomestic product, missing a 1.5 percent goal, according to financeministry data released Monday.

“Greece's situation is deteriorating rapidly,” wrote DanieleAntonucci, a Morgan Stanley economist, in a joint note withcolleagues Tuesday. “The economy is now shrinking, tax revenues arefalling short of targets, bank deposits are leaving the system, andpolitical volatility seems on the rise.”

Slovenian Prime Minister Miro Cerar said there are limits to thehelp that euro member countries can give Greece.

“Our people are also subject to austerity measures,” Cerar saidin an interview in his office in Ljubljana, the capital of theformer Yugoslav Republic. “For this reason we can't go too far onthe issue of solidarity, because it would be a bad signal to ourcitizens, to our taxpayers.”

–With assistance from Eleni Chrepa, Paul Tugwell and AntonisGalanopoulos in Athens, Birgit Jennen and Tony Czuczka in Berlin,Elisa Martinuzzi in Milan, Michael Winfrey in Prague, Boris Cerniin Ljubljana, Corina Ruhe in Amsterdam, Karl Stagno Navarra inValletta, and Ben Sills in Madrid.

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