Seeking sucor in Brussels

The rapid rise of spreads that are waylaying Greek plans for an exit from the memorandum and the negative messages from markets , as well as intense displeasure from investors is leading the PM to alterations to his strategy.

According to information, Mr Samaras had a long telephone conversation with European Commission president Jean Claude Juncker, with whom he discussed the latest developments. Anxiety in Brussels was also heightened because of the feeling of political instability in Greece.

Mr Samaras was trying to smooth things down, something he will try to do today at the meeting of the Eurasian Union, in Italy, where he will meet European leaders on the sidelines to discuss the situation as it has shaped up.

Government sources seem to be aware that they can now do nothing to appease markets and of the fact that foreign governments are upset at the political instability. Sources have disclosed that the only thing available now is to speed up the work of the government , something the PM stressed at the ministerial meeting on Wednesday.

The crucial moment will be next week's EU summit in Brussels where a thorough discussion of the Greek problem is expected. Amidst the pressure from markets and warnings from institutional investors, Athens is expected to ask for a preventative line of credit from Europe after its divestment from the IMF(enhanced conditions credit line = ECCL) from the European Stability Mechanism.