The meeting in Riga between Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande lasted about 2.5 hours and conclude shortly after 1am. The discussion between the three was reportedly carried out in a positive climate and was mostly focused on the completion of Greece’s current aid program.

According to an informal briefing from the Greek side, the three agreed that there has been considerable progress and to remain in contact. The focus of the discussion was on the remaining unresolved issues. Mr. Tsipras argued that in order to exit the crisis, the agreement must have a long-term focus.

Prior to the meeting it was stressed from all sides that the “friendly discussion” that was taking place would not result in an agreement for the Greek affair, but rather to discuss unresolved issues and solutions that will help build the trust between Greece and its creditors. The Greek government is aiming to reach an agreement by the end of the month.

The main thorns in the negotiations are the reforms in the pension system and job market, with the government having drawn red lines on the matters. The Greek government is reportedly wanting to postpone having to take decision under pressure on critical and complicated matters and as such aims to have those talks postponed until after the comprehensive agreement and new contract is agreed upon.

Meeting with Juncker on Friday

Following the trilateral meeting on Thursday evening, PM Tsipras has arranged to meet with European Commission president Jean-Claude Juncker at 2:30 on Friday, where the critical issues at hand will be discussed. As confirmed by official statements, nothing can substitute negotiations on a technical level and there cannot be an agreement without completing the review of the current program.

To this end the International Monetary Fund has underlined that it will not accept a quick review, which limits the potential of a political negotiation. Additionally, Merkel and Hollande insisted upon adhering to European procedures and finding a solution within the framework of Eurozone rules. As such, the Brussels Group talks – where Greece may have to accept painful reforms – to come will be critical in reach an agreement.