The truth is Athens has almost no time left to persuade its creditors that it is serious in implementing economic changes. Nevertheless, Prime Minister Alexis Tsipras stated his government is presenting a set of reforms to its partners in the euro region by Monday to stay away from defaulting.
On the other hand, German Chancellor Angela Merkel did not disclose details of her meetings with the Greek President. All she said was that Greece must collaborate with the triumvirate of creditors to release the cash infusion.
Remarks made by the foreign minister of Germany as well as chair of euro area finance ministers suggested the probability that this matter will be resolved soon.
Athens expects to get approval for its list and facilitate the return of nearly 1.9 billion euro in profits incurred by the European Central Bank from Greek bonds, sources revealed.
Greek officials contend their own bank rescue source should have given back only 9.7 billion euro instead of 10.9 billion euro considering it spent its own cash reserves and not EFSF bonds for recapitalization.
Greek officials did not give any details about the latest reforms but hinted it contained structural modifications and not recessionary measures.
Financial markets in Athens recovered as the two-year bond yield declined almost two percentage points to less than 20 percent. A person speaking for the European Financial Stability Facility rescue program said the Euro Group head asked for an assessment of cash refund case.
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