New impasse in the negotiations of the Greek program raises fears of a repeat of a "Greek drama"
Yet another eurogroup meeting has come to an end.
Yet another opportunity was missed to conclude the second evaluation of the third Greek bailout program.
As far as the Greek affair is concerned, to many it looks like 2015 all over again.
The second evaluation should have been completed by the end of 2016.
Turning the tables this time, the institutions (E.U. Commission, ECB, ESM, IMF) refused to return to Athens and made the Greek Minister of Finances, E. Tsakalotos, stay in Brussels to continue the discussions.
The road ahead appears long and good intentions do not make it any easier to navigate.
What is expected now?
A full agreement between the Greek government and the institutions on a policy package that would include measures on tax reform, pension reform, the labour market and a number of other issues.
Then the eurogroup will have a political debate on the country’s fiscal trajectory (i.e. the targets for the primary surpluses going forward) and debt sustainability.
The aim is to convince the IMF to get onboard with the Greek program.