With no deal in sight with the Quartet and cash running out fast, the Greek government is trying desperately to avoid a disastrous defeat which would bring the country on the brink of financial disaster and caused political shakeup of seismic proportions. Not even the most pessimist would have predicted that the government would fall victim to its own prolonged negotiation tactics with the creditors, and the country would relive the dramatic 2015 situation when it barely escaped a default. With talks in their final stage and still no agreement it is still unclear whether a Eurogorup meeting will be set for Thursday, which is possibly a reason explaining the government’s efforts to collect as much money for the public coffers. The fears that the government will be unable to cover public servant and pensioners’ wages and salaries is a very real one. The release of the cash tranche emanating from the last memorandum is delayed, as long as a review is not forthcoming. The ‘preventive measures’ package worth €3.6bln presents the government with the greatest problem so far, as it is unable to handle the political cost and the social and economic ones associated with legislating and implementing added harsh austerity measures, as its creditors are demanding.
Unable to implement extra €3.6bln ‘preventive package’