The conference call between Greek Finance Minister Evangelos Venizelos and representatives form the IMF and the EU concluded after two and a half hours. It will resume tomorrow, Tuesday, at 7 pm. Greek media quote government spokesman describing the discussion as “productive and substantive”. It looks as if it was a hard bargain ( excuse me) negotiations but a deal is still to be reached. It is more than obvious that Venizelos could not manage to meet the Troika demands and persuade them about the effectively of the austerity measures he proposes for 2011 and 2012.
According to some Greek news portals, Venizelos expressed commitment to close down superfluous institutions, to proceed to labour reserve in the public sector, to conclude the new payroll in the public sector and the state-run enterprises, and accelerate privatizations.
Troika representatives currently in Athens will cross-check some data tomorrow to check if Venizelos proposals meet the targets.
Hard times that will drain Greeks from blood, sweat and tears….