The Greek request for a six-month interim agreement, known as the “bridging program” by the Greek side or “extension” by the EU side, has been submitted to the Eurogroup by George Chouliarakis, a member of the Greek economic delegation. Eurogroup chief Jeroen Dijsselbloem noted on his Twitter account that the document has been received. 

The document is carefully worded. For instance, the phrase “extension of loan agreement” has been replaced with the extension of the “master financial assistance facility of Greece.” It still remains to be seen whether the agreement will be of six-months duration. The government is interested in ensuring that, regardless of wording, the document allows Greece to use it as an interim agreement. Prime Minister Alexis Tsipras has already made it clear that this is what he hopes to secure from Greece’s EU partners.

Finance Minister Yanis Varoufakis has explained that the government will not seek recession measures or cuts. His statement on Wednesday,  that he won’t believe an agreement has been reached until half an hour after the deal is signed, may have been said in jest, however it is indicative of the government’s reserved expectations. There are no guarantees that a “German intervention” won’t overturn a positive outcome as had been the case during the Eurogroup meeting on Monday when Varoufakis was ready to sign a compromise deal handed to him by European Economic and Monetary Affairs Commissioner Pierre Moscovici.

European Commission President Jean-Claude Juncker has urged the Greek government to keep all negotiations confidential as the backstage discussions may anger the German side who feel pressured by the thought of a compromise being reached. “All the indications are good,” said Varoufakis. “At the Euro  Working Group (EWG) there will be an outcome that will satisfy both the Greek side and the president of the Eurogroup (Jeroen Dijsselbloem).” The proposal on Friday could be approved by a teleconference at the Eurogroup meeting, according to Varoufakis.