The Greek Prime Minister, George Papandreou, needs to face a tough challenge in order to secure some support for a new session of spending cuts, tax hikes and state asset sales that needs a 12 billion euro lifeline.

Consequent to routine financial crisis discussions, on Monday, the Finance Minister has issued a notice to Athens stating that government, parliament and broader society is directed to prove its worth to outline new policies until July 3, in order to avail a next installment of 110 billion Euros ($154 billion) in European Union and further, International Monetary Fund aid settled in May 2010.

Additionally, the Finance Minister and with central bankers have urged Germany and France, during two different conferences, to sort out Greece's liquidity crisis, before it spiral out of control, soon after Euro Group meeting in Luxembourg where officials have faced a failure to form an opinion to settle growing funding gap in Greece, during upcoming years.

"Sentiment is expected to hinge on whether or not President Papandreou's government can survive several tough hurdles to secure urgent bailout packages and stave off a default”, commented a dealer at Capital Spreads, Jonathan Sudaria.