They are opening the door to a memorandum extension and new measures

It is the first time the Finance minister has spoken about the possibility of Greece not returning to the markets in 2013. In the statements he made prior to his departure from Washington, he avoided making a reference about rejoining the markets in 2012 for loans worth 30 bil. euros. He added that in case of a delay, the country could borrow from the EFSF fund.

On board the same train of thought and for the first time since the signing of the memorandum, both EU president Herman Van Rompuy and Belgian Finance minister Didier Reynders acknowledged Greece’s time issue relating to its return to the markets.

While speaking on French channel TV5, Van Rompuy excluded the possibility of debt restructuring, saying it would be disastrous, but expressed his grief that markets do not give Greece sufficient time in order for the tough measures to pay back. Reynders spoke about the possibility of Greece borrowing for a longer period.

According to information, in a meeting he had with Strauss-Kahn and Paul Thomsen in Washington, Papakonstantinou acknowledged that in order to complete the changes in the tax collection mechanism, the country needs another 18 months. With this in mind, the anxiety about revenue collection grows, while opening up the possibility of the Troika's asking – either in May or on a next visit – even for additional measures to cover any revenue shortfalls.

In his Washington meetings, the IMF head expressed his support for the Greek project, excluding the restructuring of the debt. But in their private meetings the IMF agents expressed their concern and nagged about:

- a quicker move toward privatizations,

- the completion of structural changes as soon as possible,

- directly addressing the revenue shortfall by tackling tax evasion.