Greece’s coalition party leaders have failed to agree on a tough reform and austerity package to secure a fresh bailout of 130-billion euros
After seven hours of talks overnight, they came close to securing a deal to avoid a painful default and a possible eurozone exit but the issue of pensions could not be solved.
Athens hoped to make budget savings worth 3.3 billion euros this year. It faces debt repayments of around 15-billion euros in just over a month and a default could plunge the eurozone into another deep crisis.
Greece’s Finance Minister Evangelos Venizelos is going to Brussels on Thursday to meet eurozone finance ministers in the hope of receiving new rescue funds.
“The financial survival of the country in the coming years depends on the new programme… It is time of responsibility for everyone,” he told reporters prior to his departure.
But all the soul searching in the world is not going to make the deal any more palatable to Greek voters who are angry at the prospect of any more austerity measures.