Greece’s President Karolos Papoulias has summoned
party leaders for eleventh hour talks to try to form a coalition government and avert new elections.
If Sunday morning’s negotiations fail, he will no option but to call a new vote in June.
There have been three previous attempts, since last weekend’s election, to form political alliances. Talks ended in failure over the role of the radical leftist anti-austerity Syriza party, which came second.
European leaders are now openly talking about the possibility of Greece leaving the eurozone, linking the release of bailout cash to Athens’ commitment to austerity.
Analysts say without a working government to negotiate its EU-IMF rescue funds, Greece is just weeks away from bankruptcy.