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As the days to the final setting of the new austerity measures go by, the meetings between representatives of the government and the economic team are in full swing, and the date of the new meeting between the leaders of the government coalition remains the major unknown.
The statement of Minister of Finance Yiannis Stournaras upon leaving the Prime Minister's residence, Maximou, however, has clarified the deadline for the acceptance of the final decisions. "Our actions are coordinated and the discussion is in the final stage," he said after his meeting with Prime Minister Antonis Samaras. Asked when the final decision on the new package of austerity measures will be taken, he replied, "I hope that we will make it by Sunday. We do not have much time."
Sources say the supervisory Troika requires that the saving of 9.5 out of 11.5 billion savings provided in the bailout agreement be implemented by cutting salaries, pensions and benefits. They say that reduction of the minimum pension to the amount of 486 euro was on the table of negotiations too.
Today, representatives of Greek creditors met with the Ministers for Employment Yiannis Vroutsis and of Finance Yiannis Stournaras, who described the negotiations as "severe" shortly before their next round.

In his speech to the Hellenic-Chinese Chamber of Commerce Yiannis Stournaras acknowledged that current budgetary consolidation attempts were being made mostly through cuts in wages and pensions. "Now, we have to tackle tax evasion and liberalization of markets and jobs," he said.
According to the Minister, the Greek economy would shrink by 25% from the beginning of the crisis to 2014. In his words, from 2010 to the present day, the cost of labour has decreased by 15% and the primary deficit for 2012 is expected to reach 1.5%, half a percentage point above the desired target of 1%. Yiannis Stournaras said that although the objectives of the programme in absolute terms have been achieved, the recession has been increasing the deficit as a percentage of GDP.
Meanwhile, the head of the Institute of International Finance Charles Dallara said that the European Union and the International Monetary Fund should reduce the interest rate on the loan to Greece amounting to 130 billion euro and extend the fiscal consolidation programme for at least two years after Greece meets its obligations to make the administrative reforms.

"Once that has been done, and I am confident it will be done, Europe and the International Monetary Fund should move quickly to extend the adjustment period for at least two years and provide the modest additional financial support for that extension to be effective," he said at a press conference in Beijing.
"Only 15-20 billion euro is needed. This can easily be realized in part by reducing the interest rates on loans which Europe and the International Monetary Fund made to Greece on more concessional terms," said Charles Dallara, adding that the debt crisis in Greece has concentrated too much on short-term austerity and not enough on improving the long-term competitiveness of the country.