Greek leaders have failed to strike a deal on austerity cuts ahead of crucial Eurozone talks, jeopardising the country’s chances of drawing down a second bailout package and averting a disastrous debt default.
The three coalition partners in the Greek government of Prime Minister Lucas Papademos held nearly eight hours of talks on a rescue plan for the debt-strapped economy – but one issue, the reduction of pensions, is still outstanding.
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The Greek Finance Minister says Athens is still confident of securing the deal, which is vital to prevent the country from defaulting on a 14.5 billion euro payment to bond holders due on March 20.