Greek leaders seek last minute agreement on aid

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Greek leaders seek last minute agreement on aid

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Political leaders in Greece have failed to agree on austerity measures demanded by the EU and the International Monetary Fund perilously close to a crucial deadline.

The political leaders have to agree by noon on Monday if the so-called ‘troika’ of lenders will release nearly 130-billion euros in emergency funds.

Without the funds Greece is at risk of a messy default when bond payments come due next month.

The leaders say they will now continue their discussions to the last minute.

The right-wing leaders have opposed further cuts in wages and spending.

George Karatzaferis of the far-right LAOS party said: ‘I will not contribute to the explosion of a revolution due to misery, which will then burn down Europe.’

The objectors argue that yet more austerity measures risk pushing Greece into an even deeper recession.

The troika of lenders, the European Commission, the IMF and the European Central Bank want more than 2-billion euros of spending cuts this year, and have demanded that all political leaders give their backing.