Negotiators from the European Commission, ECB, IMF and ESM began official talks over the terms of a third, probably three-year aid program for Greece, totaling up to 86 billion euros. "Already now, it seems that the negotiations will be difficult and that they could last longer than expected. It is also possible that they will fail“, says cep economist Matthias Kullas. On 20 August 2015 Greek sovereign bonds of 3,2 billion euros held by the European Central Bank fall due. In September, the Greek government has to repay 1,5 billion euros to the International Monetary Fund (IMF).