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.
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.
