The Greek government’s talks with the troika representatives ended yesterday, with the head of the European Commission’s delegation Declan Costello referring to them as “constructive” and “useful”, whereas the Greek side also considered the Paris meeting “useful”.

Now, the government has a lot to do and must urgently fulfill 250 out of 542 pending prerequisites until September 25, when Troika will probably visit Greece for the scheduled review. The main difficult issues that the government has to face are the employment issue, the ‘red loans’ and layoffs in public sector. However, they hope that Troika’s representative will appear more flexible and open to compromise.

The next 100 days will probably determine the country’s future. Greek Finance Minister Gikas Hardouvelis and Troika agreed in Paris that the review should be ended by early October, not only because the next tranche should be disbursed but mainly because the decisions for the Greek debt relief should be made in November.

The moment Troika gives the green light that Greece has achieved the main goals, the government will be able to proceed to its next carefully designed steps:

– Prime Minister will discuss and announce tax relief measures (reduction and exemptions on ENFIA property tax, reduction in excise duty on heating oil, increase in the number of installments for paying off public debts, etc.) at Thessaloniki International Fair on Saturday

– In October the government will submit the draft of the new budget, which will present some good measures for 2015.

– In November, Troika will examine and recommend to EU and IMF the appropriate measures for the Greek debt relief.

This development will enhance investors’ confidence and support new bond issues (7-year bonds, etc.) by the end of the year.