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Brussels, where another meeting of Eurogroup was held, insists on political consensus, immediate privatisation of state enterprises and measures that would save at least 15 billion euros by 2013. Greece was again facing the blackboard like a student who did not do his homework. The Greek Minister of Finance Georgios Papakonstantinou put up with the criticism of his colleagues that the recovery program according to the Memorandum of financial support is significantly delayed, the revenues are less than anticipated, and that almost nothing has been done in view of the privatisation and the monstrous public sector.
 
Having in mind the slow pace of reforms European leaders are already aware that Greece would not get away with just 110 billion euros aid and would need at least another 60 billion euros. Due to the slow reforms and the lack of any political consensus in the country the capital markets have no intention to trust Greece and to reduce the cost of government borrowing soon. Economic analysts argue that European taxpayers would drain the cup of bitterness once again in order to gain a little more time for Greece. The new support for Greece will be discussed in June this year after the supervisory Troika announces the final report of on the status of the Greek economy.

However, they are adamant from Brussels that the additional funds would not be granted until they do not see the real results of the commitments to date. At the same time, the scenarios for the further extension of the payment term of the debt already accumulated is not to be excluded but it is not decided yet. This proposal is supported by Germany, Finland, Netherlands, Austria and Slovenia. Germany has stepped forward and supports the idea that the peculiar debt restructuring by extending the payback period of Greek obligations should included the private owners of Greek government bonds too.

There is a serious resistance to the involvement of private credit institutions by the president of the European Central Bank Jean-Claude Juncker. He believes that this type of debt restructuring would be dangerous because no one could foresee the reaction of capital markets and Greece could enter the lists as a persona non grata and excluded from the international markets for an indefinite period of time. France, Spain, Belgium and other eurozone countries support another plan according to which additional aid of 50-60 billion would be granted over the next two years but without an extension of the payment term. The difference is that they insist on haircutting the debts to private investors which would reduce the burden on Greece.

In general, the European leaders are unanimous only that Greece has to perform correctly and on time its obligations under the Memorandum of financial support. In addition, the massive privatisation program, promised since last year, should immediately begin. The apparent lack of confidence in the abilities of the Greek rulers is reflected in the proposal of the Eurogroup President Jean-Claude Juncker, who is of the opinion that a foreign investment fund should be appointed to manage the Greek privatisation program.

The Commissioner for Economic Affairs and Monetary Policy in the European Union, Olli Rehn was clear that Greece should ensure the implementation of the envisaged fiscal consolidation and privatisation. Olli Rehn, quoted by the Greek Mega TV, said that it is a false belief if someone thinks that there is an alternative program of economic reforms.

The Minister of Finance of Austria Maria Fekter said that if Greece does not keep its promises and does not implement the recovery program it would not receive the money "guaranteed" by the Memorandum of financial support. In late May, this year the country had to receive the fifth tranche of the support worth 15 billion euros. The gaps and difficulties in the Greek reforms question its payment, which could have serious political, economic and social consequences in Greece and other eurozone countries. The Austrian Minister of Finance expressed the dissatisfaction of most Europeans by saying that Greek politicians think they are still in the 1970s. Speaking to reporters in Brussels, Maria Fekter said: "If you cheated to enter the euro area, then you have to work today."