Failure to secure the 2-billion-euro tranche benchmarked for Greece at Monday’s Eurogroup, means its back to meetings with representatives of four international creditors from the European Commission, European Central Bank, European Stability Mechanism and the International Monetary Fund. Known as the Quartet, these representatives are back in Athens on Wednesday for more “music” in a frantic cacophony of harsh measures that need to be locked in by Friday if Greek banks – and the economy by extension – are to be rescued. Prior measures that needed to be adopted in October are still in the air, and new measures are still being negotiated, such as changes to banks, foreclosures for “red” non-performing loans. New legislation will make its way to Greek Parliament over the coming days and will be voted on using fast-track procedures – as usual.

The second list of prior action for Greece are now on the bargaining table that looks more like an operating table bearing in mind the precision needed to slash social welfare. The new insurance and tax measures being decided will create the base of the 2016 budget and the Medium-Term Fiscal Strategy (MTFS) 2016-2019.

Open issues that need to be decided upon this week:

– New regulations for the protection of primary homes from foreclosures. Government sources state that Athens and creditors are near an agreement concerning the income requirements and objective values. Quartet representatives want to end the current situation that allows someone to pay off their mortgage over 20 years.

– Debt settlement in 100 installments. There is an examination concerning a steady reduction in the amount of time for the debt settlement procedure from 20 to 10 days. Furthermore, the possibility of making the settlement in 12 payments for debts that aren’t overdue through TAXIS is also being considered in what is seen as a positive development.

– Finding equivalent measures to yield revenue that will be lost through the non-imposition of the 23% VAT hike for private schools. Gambling is being eyed.

– A series of measures for the bank sector also need to be legislated.