Greece's government saw progress on Wednesday in the ongoing negotiations with creditors' envoys in Athens over the 15 prior actions pending to finalize the first review of the Greek bailout program, Greek national news agency AMNA reported.

According to Finance Ministry sources, the two sides are moving closer to bridge diverging views to clear the way for the disbursement of the 2.8 billion euro tranche and the start of the second review.

On the agenda of the latest round of discussions launched on Monday are issues concerning tax audits and revenue targets, further measures to combat corruption, reforms in the public administration, labor and social welfare issues, the strategy to growth, as well as the privatization program.

According to the same sources, the two sides have still not reached an agreement on the composition of the board of the new "super fund" which will oversee privatizations in the future, but Athens has assured the inspectors that next week the parliament will vote on the concession contract for the Hellenikon former airport.

The ratification of the deal on Hellenikon sealed earlier this year is one of the prerequisites for the release of further aid to the debt laden economy this time.

Greek officials are optimistic, according to the ministry sources, that this round of negotiations will end positively on Friday and by the end of September Greece will have fulfilled all requested actions so that the Oct. 10 Eurogroup meeting will greenlight the disbursement of the aid tranche.

Discussion on labor issues, including the terms for mass layoffs and collective bargaining for salaries, may drag on for several months. Labor Minister George Katrougalos told media after Wednesday's talks that "substantive, binding talks" will most likely start in early November.

The government faces mounting calls from lenders, economists and businessmen to speed up the implementation of reforms to receive more rescue loans.

"The delay observed in the implementation of the adjustment program and the exhaustion of the private sector's reserves due to the entrenched over taxation underscore the risk of a new circle of stagnation," the Hellenic Federation of Enterprises (SEV) warned in its latest review of the Greek economy released this week.

Greek industrialists call for the acceleration of the implementation of reforms, as well as measures to stimulate the economy. Endit

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