The Greek government is planning a four-day round of tough negotiations in Brussels and Athens for extending the repayment the EU loan.
Officials from the Ministry of Finance leave on Monday for the two-day ECOFIN meeting in Brussels. Greece is not included in the official agenda.
It is understood that Ireland will be in the spotlight along with a possible request by Portugal for the activation of the bailout mechanism. Additionally, details of the reform of EU’s economic governance as well as the possibility of issuing Eurobonds will be discussed.
Finance Minister George Papaconstantinou will have talks on the sidelines with his counterparts in order to overcome opposition and to achieve rapid political commitment to the extension. The president of Council of Economic Advisors (SOE), G. Zanias who appears to be a key-person for the Memorandum, will also take part in these discussions.
The Minister’s schedule will be very tight as the officials have to be back in Athens on Tuesday afternoon to attend other meetings.
On Tuesday, IMF’s director Dominique Strauss Kahn arrives in Athens. European Commissioner Olli Rehn arrives on Thursday for further negotiations.
Meanwhile, Troika demands progress proof, piling the pressure on the Greek government for new bills and interventions next week.
The Minister of Finance, targeting more overseas, talked about selling ATE’s (Agricultural Bank of Greece) holdings and consolidation with the Loan and Consignment Fund. He also admitted that some civil servants are paid excessively high. According to sources, that meeting’s aim was to convince MPs of the need for reform.
Same sources say that despite the calm public statements, Troika’s officials are very aggressive. They made it clear that in case Greece delays the implementation of Memorandum, the country may not receive the fourth loan installment.
The schedule appears to be really tough as a lot of bills and reforms have to be brought forward. Greek Ministers have open issues for the coming quarters, hoping for a “soft” approach, but it is unlikely that the Troika experts will accept it.
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