Urgent search for 1.5 million euros

The need for a further 1.5 billion euros to cover the hole created in 2011 and the one estimated for 2012, was discussed at the cabinet meeting held earlier today Saturday between Finance minister Evangelos Venizelos and Giannitsis, Koutroumanis, Avramopoulos and Loverdos, but without any formal announcement.

Of the 4.5-billion-euro measures demanded by our lenders, only 3 billion euros have been secured and the Finance ministry is looking for a way that will ensure the existence of an additional 1.5 billion.

Talks are continuing, many fronts still remain open, many have closed and one is locked!

As everything points out, most parts of the Greek bond exchange program have been “locked” and now it is up to the decisions on the "Greek program" that will be made by the party leaders today with the harsh austerity measures of the new contract.

After the 12-hour meeting he had with the Troika, Finance minister Evangelos Venizelos said: "We have resolved several issues. There are still several critical issues concerning the country's future. We must complete the PSI, which is the easiest part of the process. We will do our best for the Greek people. We are trying for the minimum of sacrifices and the greatest benefit possible, especially for young people, the unemployed, those of low and middle incomes and those in need."

As apparently most issues associated with the PSI are almost resolved and agreed upon (also the reason why IIF CEO Charles Dallara is coming back to Greece) the onus is now on the measures that will constitute the Greek austerity program.

At 2 pm there will be another meeting with the Troika on these measures, while at 2.30 pm Evangelos Venizelos will update his European counterparts in a telephone conference.

Consequently, the Eurogroup meeting next Wednesday, with the finalisation of the new "memorandum" for Greece, is considered crucial.