What next? The not-so-Radical Left Coalition examines its options

The Eurogroup statement on Greece was positively worded but there was restraint between the lines. The Radical Left Coalition (SYRIZA) government has now turned its attention to new initiatives so that a conclusive agreement with EU partners can be reached. At the same time, the government cannot help but hope for the European Central Bank (ECB) to positively view the Eurogroup progress report on Greece.

Officially, the government states that it expected nothing more from Eurogroup, however it feels that the statement will help the ECB assist Greece in its dealing of the problem of liquidity it faces. Payment of the 750-million-euro installment to the IMF due on Tuesday is indicative of Athens expectations for an agreement, however the payment has depleted its reserves.

The government council meets on Tuesday, with Prime Minister Alexis Tsipras at the helm, to evaluate the situation following Eurogroup. Government circles state that the time has come for EU leaders to show the need for political will and take a step towards a mutually beneficial agreement. The Greek government hopes that ‘red lines’ in labor and social security will be respected.

Time is of the essence as funds are running out. Neither side will benefit with delays. Government sources in Athens state that the government will take all the relevant steps for an agreement to be reached but is committed to the popular mandate it received.

Developments at Eurogroup on Monday managed to avert the scenario for a referendum or a return to polls. Heading to the ballots would mean that the country’s funds would further be depleted following the payment of the IMF loan that has scraped reserves. The situation has alarmed the left-wing faction of SYRIZA that states: “The more you pay, the less likely creditors will be to back off!”