The Minister of Finance Euclid Tsakalotos told journalists on Thursday that the negotiations with the institutions over the bailout program review will carry on over the weekend, with a an agreement expected by Sunday afternoon.

Mr. Tsakalotos further explained that a final document will be agreed upon between all sides, which will delineate what is necessary in order for the first bailout program review to close. As such, the agreement that he estimated will be reached by Sunday will not necessarily unlock any further aid towards Greece.

As explained by the Finance Minister, there is a disagreement since Germany and other EU members want the IMF to be involved in the Greek bailout program. As such, he noted, agreements are needed with the Fund and European Commission, while the Eurogroup must also give a green light.

Pension reform negotiations continue

The negotiations over the critical pension system reform are set to continue, with government officials noting that there has been significant progress. The Greek side aims to save 200 million euros, by reducing supplementary pensions by up to 40% and introducing a 1,400-euro ‘safety net’ (for main and supplementary pensions).

The IMF on the other insists upon the ‘zero deficit’ clause, to which the Greek government counter proposes a sustainability clause. According to this, any deficits will be covered from selling off ETEA assets (worth 2.5 billion euros).