From 2008 to 2014 the country’s business register shrank by some 229,000 small and medium-sized enterprises and 700,000 jobs were lost, according to a study by the Center for Planning and Economic Research (KEPE).

The heads of the institutions and the ESM are due to arrive in Athens on Friday. On the Greek side, the president of the Council of Economic Advisors (SOE) George Chouliarakis will lead the technical negotiations, according to Finance ministry sources.

Despite the crisis and the somewhat dramatic developments in recent weeks regarding Greece’s financial situation, German and Austrian travellers will choose the country for their summer holidays this year.