Real economic convergence is important for the cohesion of a monetary union, the outgoing President of the European Central Bank (ECB) Mario Draghi said on Tuesday evening, speaking in Athens.

Undoubtedly, the spotlight was cast on the Eurogroup's latest qualms over releasing the sub-tranche and the formal completion of the third evaluation, but the essence is reflected in the outbuster of Greek minister Tsakalotos and in the frantic confrontation with Mario Draghi.

The Greek government came in for a shock as the meeting with lenders on Monday didn't pan out as finance ministry sources expected with the main sticking point being the ability of Greek banks to deal with a huge amount of private debt in the red.