Uncertainty surrounds the government’s plans to return to the bond markets after the European Central Bank and the International Monetary Fund appeared to be less than fully supportive of Greece issuing a bond right now.
The fact that the much-heralded trial bond issue has moved to the back burner for the time being means that the government is focussing on the other policy areas.
It appears that plans for a trial bond issue have been shelved for the time being by the government.
The process for Greece to return to the international bond markets did not begin on Monday, despite some of the local media predicting in the previous days that this would be the case.
Going into the weekend, there is still much speculation - but little clarity - about whether the government will try to tap the markets next week or, indeed, if it has time to issue a bond before the International Monetary Fund’s executive board meets on Thursday.
The government has recently become embroiled in another clash with Greece’s judges and prosecutors, providing the opposition with another key line of attack against the coalition.
The European Commission announced on Wednesday that it is recommending the closure of the Excessive Deficit Procedure (EDP) against Greece for the first time since 2009.
Comments by ESM managing director Klaus Regling following Monday’s Eurogroup have shifted attention back to the possibility of Greece making a trial bond issue this month.
The government will try to focus its efforts this week on regaining some of the positive momentum evident following the conclusion of the review on June 15.
The European Stability Mechanism’s board of directors approved on Friday the 8.5-billion-euro bailout tranche for Greece, ending concern in Athens of another agonising delay before funds would be released.