(UPD) In the wake of the failed negotiations with the Quartet and the decision for a Eurogroup not be held on Thursday, the Greek government is reverting to its blame tactics against the IMF in a second non-paper it released, Wednesday. The document claims the Greek proposals are sufficient and comprehensive concerning the €3.6bln contingency package and its automatic implementation if fiscal targets are derailed. It also reintroduces the wikileaks revelations of the conversation between IMF rep Velculescu with Thomsen to justify the break down in talks with its lenders, claiming the UMF has consistently played a stalling game for the last 3 months.

Following the breakdown of talks, at least at this stage of negotiations, between Greece and the Quartet in Athens, Tuesday, the prospect of a timely deal seems highly unlikely, as an emergency Eurogroup meeting on Thursday on the Greek issue was ruled out. According to sources, the Greek PM, Alexis Tsipras is considering requesting an extra ordinary EU Summit in a phone contact he plans on Wednesday with European Council President Donald Tusk on the disagreement to reach a deal on the contingency package of €3.6bln between the two sides. Whether talks will continue today in Athens, at least as a good will gesture by the Greek side, will become clear later Wednesday.

The Greek government is desperately trying to avoid specifying the measures of the €3.6bln contingency package demanded by its lenders to keep surplus targets for 2018 on track. Meanwhile, uncertainty in the Greek society and market is increasing with the government scrambling to raise revenues with every way possible. Greece’s creditors are not satisfied with general promises about the implementation of measures in the event fiscal targets are derailed, but demand a frequent inspection (every 3 or 6 months) of the progress of the public finances.