The Greek government is doing its best to avoid a credit crunch with ECB Chief Mario Draghi holding the key to solution for Greece. Deputy Prime Minister Giannis Dragasakis will meet with the central banker at 5.30 p.m. on Tuesday accompanied by the Greek Economic Spokesperson Euclid Tsakalotos in the hope of unlocking another handout for Greece.

Finance Minister Yanis Varoufakis is in Paris where he will meet with his French counterpart Michel Sapin at 9 a.m. Following this meeting, he will head to Brussels for a 2.30 p.m. meeting with Economic and Monetary Affairs Commissioner Pierre Moscovici in an effort to build bridges prior to the crucial Eurogroup meeting on May 11.

The government is determined to pay wages and pensions on May 12, however there is fear that Greek funds will not be able to withstand payments to creditors, including 3.5 bln euros to the ECB on July 20 and another 3.2 bln euros in August.

The Greek government’s negotiation weapons

1. The Greek government wants  the 1.9 bln euros from ECB profits on Greek bonds, belonging to the country but held by the ECB, to be released.

2. The IMF warned that Greece will lose vital funding unless European lenders write off significant amounts of its soverign debt. The warning was delivered to eurozone finance ministers by IMF’s European Department Chief Poul Thomsen.

Greece’s needs until July following Tuesday’s payment worth 200 mln euros to the IMF

May 8: 150 mln euros – to cover T-bills held by foreign investors

May 12: 750 mln euros – IMF installment

May 13: 600 mln euros – public sector wages (fortnight)

May 27-30: wages and pensions – 1.1 bln euros

June 5: 300 mln euros – IMF interest payments

June 10: 100 mln euros – for 6-month T-bills for foreign investors

June 12: 300 mln euros – IMF payment

June 12: 600 mln euros – public sector wages (fortnight)

June 16: 600 mln euros – IMF payment

June 19: 300 mln euros – IMF payment

End of June: 1.1 bln euros – wages and pensions