Creditors

The discussions will begin by examining the so-called “[Louka] Katselis law”, which has until now protected debtors’ primary residences (with a strict ceiling on their levels of income and assets) from foreclosure and auction.

Asked by Ta Nea about pension cuts, Angela Merkel's office has signaled that the Greek government must stay the course of reforms, as agreed to this past summer, upon the completion of the third and last bailout memorandum.

The government realises that implementation of the measure will not just be a defeat for it, but will result in a real trouncing.

The IMF appears determined to make its views known on a political level, beginning with the representatives of eurozone member-states in the Eurogroup Working Group, which is set to meet in Brussels on September 20-21.

It is impermissible for government cadres to imply or clearly state that the cancellation of pension cuts is a given, when in fact there has been no tangible result from talks with creditors.

Greek citizens know what the post-bailout reality is. They are absolutely cognizant of the fact that that there will be a long, uphill road.

'We shall not transcend the crisis as long as the current government – which insists dogmatically on an irrational mixture of taxes and insurance contributions – is in power,' said the main opposition leader

'The truth is that creditors will have the last word on a series of issues, and any divergence from what has been agreed to will be anything but easy. All of this means that the post-bailout reality will not be much different than in the memorandum period'

The situation does not permit much optimism. The structural characteristics of the economy have not improved. Public administration is not trustworthy and the judiciary is dysfunctional.