International Monetary Fund and international markets pressure the Greek government to adopt a new “memorandum”. Their plans are enhanced by the political uncertainty and European partners and the IMF try to direct Greece to ESM credit line, which will include a new type of monitoring and maintaining the austerity program. Also, the foreign funds destroyed within 24 hour Greek government’s plans for immediate borrowing from bond markets.

Greece counts its wounds after yesterday’s bonds’ yield which reached 7.8% and the stock exchange drop at 10%.

The government has neither confirmed nor refuted yet European officials’ reports according to which Greece has changes its plans and will accept the preventive credit line after the end of the European program from 2015 onwards.

The European lenders and IMF present it as this is Greece’s plan, although they are those who handle the matter and take all the decisions. They take advantage of the political conflicts and uncertainty of the country in order to achieve the best possible outcome.

The open credit line acts as a safety net for countries that have not yet a stabled economy allowing them to borrow from the markets as “normal countries” do. However, it requires measures and audits which are similar to the current supervisory measure provided for all member states of EU, particularly for those with high deficits.