This comes against a backdrop of reports that Merkel and Lagarde are at odds over how to proceed with the debt-stricken country following clear evidence of what the IMF managing director has described as a “financing gap” in Athens’ EU-IMF-sponsored rescue program. Growing pressure from the Washington-based fund for a restructuring of Greece’s debt mountain – this time in the official sector i.e, by EU governments - has reportedly exacerbated tensions.

Meanwhile, fraught talks aimed at clinching a mammouth package of austerity cuts – at nearly €12bn the equivalent of 5% of GDP --- continue apace in Athens. According to the Greek media, the controversial measures were finally agreed at a marathon meeting last night between prime minister Antonis Samaras and the Greek finance minister Yiannis Stournaras.

“The package, according to reports, includes all the painful measures that existed in the government’s initial plan with the exception of firings in the public sector,” opined Ta Nea. “And the extra package of €2bn, which has also been sealed, will come from taxes.”

Regular readers will recall that that Athens’ conservative-led coalition has been battling to find an outstanding €2bn to close the package on which further disbursements of rescue funds depend. Samaras is expected to meet his junior coalition partners, the socialist Pasok leader Evangelos Venizelos and Fotis Kouvellis head of the Democratic Left party, tomorrow. During the talks all three men are expected to give the measures the green light.

It remains unclear, however, when the package will go to parliament to be ratified by lawmakers. What is certain, though, is that the Greek finance minister wants to present the cuts to his counterparts at the next euro group meeting of finance ministers on October 8.