This report presents the key themes of the current juncture in light of the 2nd programme review, which is well underway and its importance to the Greek economy’s short and medium term prospects. Firstly, we present the key milestones ahead that will determine whether Greece will be able to attain the goal of short-term debt relief and inclusion to the ECB QE programme. Secondly, we examine the potential role of the IMF in the bailout programme, taking into consideration its divergent views on a number of issues. Thirdly, we go over the most critical prior actions by summarizing the positions of the Greek side and the official lenders on each one of them. Finally, we assess the performance of Greek sovereign bonds taking into account the impact of the latest domestic and international developments.