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It seems that starting with Monday all roads will lead to Athens, as on this day negotiations begin with the representatives of the private sector regarding their participation in the PSI (Programme for the exchange of bonds with private investors) aimed at reducing the Greek debt by 100 billion euro and also talks begin with the Troika regarding the finalization of the new loan agreement and the measures that will accompany it.

As for the Troika, according to information the main topics on the agenda of its representatives include the reduction of indirect costs as well as the elimination of the increases provided for in the national three-year collective agreement which was signed in the summer of 2010 by the social partners.

Within this framework the removal of restrictions in the already started programmes such as remuneration of young people under 25, with 80% of the minimum wage will also be discussed. In order for a company to participate in this programme of the Employment services, it must commit to making no layoffs, and the result is that the measure in question does not take place. The Minister of Labour is against such a change because it will lead to the replacement of older employees, costing the company more with youths who would receive lower wages, and thus no increase in employment and circulation of workers will be carried out.

The national collective agreement signed in the summer of 2010 includes an increase by 1.5% of the minimum wages from 1 July 2011 and by 1.7% from 1 July 2012. From the outset the Troika had expressed its objections against these increases, and now, as it seems, it will insist that the social partners along with the government intervention revoke them, and that the wages remain at the levels of 2009. For the moment the representatives of the Troika seem reluctant to insist on further reductions in the minimum wage, although nobody can be sure about the outcome of the negotiations.

As for the PSI, Deputy Prime Minister and Minister of Finance Evangelos Venizelos said that mentioning the conclusions reached at the Summit, where it was stressed that the fact that the Greek programme for an exchange of bonds (PSI) is «the sole and exclusive case» will also contribute to the successful outcome of the negotiations with private creditors. This will facilitate negotiations with the private sector that would "feel more secure," said Mr. Venizelos, as well as other members of the government.

The completion of this initiative, however, remains highly uncertain. According to sources, the banks seem willing to accept lower interest rates below 6 percent without reaching a loss greater than 54%. Nevertheless, their proposal remains far from the one the Greek State has made, which will lead to losses for the banks of about 65%.

The Minister of Finance has stated that the goal is «to take advantage of the debt reduction of 100 billion euro, which is 47% of the GDP, impressive figures in the history of the country, so as to be able to have a debt, which will in 2020 reach affordable levels, high, but bearable, controllable – in the range of 120% of the GDP of the country».