A crucial 48 hours are in store as Athens officials and the country’s lenders meet to decide on Greece’s future ahead of the August 15 Greek public holiday. Following the conclusion of the first round of talks, a barrage of meetings are in store at the Athens Hilton on Tuesday and Wednesday between Greek Finance Minister Euclid Tsakalotos and Greek Economy Minister George Stathakis with the quartet of creditors from the European Commission (EC), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM).

Government sources state that the two ministers will meet on Tuesday with creditors at 1.20 p.m. to discuss the recapitalization of banks and Greece’s privatization program. Another key issue is non-serviceable loans, so-called “red loans”. Labor issues are also being examined by technical staff at noon. It will be decided if the measures already presented are enough or if Greece needs to offer more so that the cannister of funding from the third bailout can be opened.

The Greek side has already set August 10-12 as target dates as Greek bonds valued at 3.4 billion euros from the portfolio of the ECB are due on August 20. The goal seems ambitious with Alt. Revenue Minister Dimitris Mardas stating that the creditors could ask for Greeks to amend their program so as to clinch a deal.