Despite hopes that Greece and its creditors could have reached a deal before the departure of the Quartet, the lenders are leaving Athens without an agreement in their baggages. No timetable for the return of the technical teams of the lenders to Athens to resume talks has been set.

Greek Labour Minister George Katrougalos will have one last meeting with the Quartet Sunday, March 20, in a last ditch effort to come to a deal on the matter pensions, although such an outcome is considered highly unlikely, as the two sides disagree on a number of issues. Katrougalos told reporters that he could not see a deal Sunday due to the divergence on the most contentious issues between the two sides of the increase of social security contributions and proportion of pension supplements.

High ranking Greek officials said the unreasonable demands tabled by the IMF on Friday threw a wrench in the talks from the outset, as they will not leave the social security front unaffected. ‘There is more room for concessions’, these sources said. The government is facing great pressure to accept cuts in the country’s national pension rate, ancillary pensions and the proportion of supplementary benefits to pensions, with the IMF reportedly conceding a partial raise in pension contributions.

On his part Katrougalos denied the national pension would fall to 288 Euros. Greece’s lenders demand measurable cuts in pension spending like the slash of the pension from 384 Euros per annum to 320-340. They doubt whether Greece will be able to save 200 million Euros from capping the higher and multiple pensions at lower levels.