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Clock ticks for Greece coalition talks

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Clock ticks for Greece coalition talks

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Greece’s centre-right New Democracy has just hours to form a coalition government. Political commentators say they expect party leader Antonis Samaras to announce a deal with the Socialist Pasok and the smaller Democratic Left on Wednesday.

It is understood the three differ on renegotiating the terms of Greece’s 174 billion euro international bailout.

Analysts think that the cuts required to release future tranches of the rescue cash will be difficult to achieve given the ongoing deterioration in the Greek economy.

New Democracy scored the highest in last Sunday’s re-election and was given the first chance to form a unity government. Should they fail, the baton would pass to the ultra-left wing Syriza party which has promised to rip up the bailout deal altogether in a move that has horrified European leaders.