The Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis are preparing for talks in a harsh environment at Brussels on Wednesday and Thursday, given that an agreement has not yet been reached.
While recent initiatives by the EC president Jean-Claude Juncker, Chancellor Werner Faymann, Belgian PM Charles Michel and Euroworking Group head Thomas Wieser have helped push the behind-the-scene talks forward, the Eurogroup on Wednesday and the Summit on Thursday will be catalytic. The Minister of Finances is going to present his ambitious bridging program, which the Greek government hopes will replace the existing bailout program.
High ranking government sources note that the discussion will require a political decision, causing frustration in Athens, as the government has committed to its program, while rejecting the possibility of further austerity. At the same time it needs further funding, which Greece’s partners are unwilling to provide without assurances.
According to an unnamed government official, the ideal would be to find a solution which will make it seem that neither side has backed down from its position. Another minister added that “technical matters are easily solved, that is not the problem. The main and critical [matter] is the political compromise”.
Sources from Brussels report that the Greek government’s rhetoric rejects the bailouts and policies that have been implemented so far, in favor of a bridging program with additional funding and a grace period. Without an articulated plan for growth and recovery though, or measures and policies, the discussions in Brussels will likely be carried out in a tense climate.
