Representatives of Greece’s creditors have returned to Athens to re-launch negotiations for the fourth and last bailout evaluation.

Meanwhile, Alternate Finance Minister Yorgos Houliarakis today is attending a Eurogroup Working Group (EWG) meeting, where the next steps required to achieve a staff-level agreement to complete Greece’s bailout evaluation will be discussed.

The aim is to conclude a staff-level agreement by the 24 May Eurogroup, and a comprehensive agreement by the 21 June or 12 July Eurogroup meeting, at the latest.

By all accounts it is impossible for the government to implement all 88 preconditions for the conclusion of the evaluation by the initial 21 June target date, when the Eurogroup is set to discuss a comprehensive exit package, including conclusion of the evaluation, post-bailout fiscal oversight, and debt relief.

The European creditors are reportedly prepared to wait until mid-August, just before the scheduled end of the bailout programme, for implementation of the agreed reforms.