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Greece opposition leader set for talks over coalition bid Greece opposition leader set for talks on coalition bid
(about 7 hours later)
Greece's main opposition leader is to meet the president on Sunday as the country remains in political deadlock over its debt crisis.Greece's main opposition leader is to meet the president on Sunday as the country remains in political deadlock over its debt crisis.
Antonis Samaras of the New Democracy party is refusing to take part in a government of national unity proposed by beleaguered PM George Papandreou.Antonis Samaras of the New Democracy party is refusing to take part in a government of national unity proposed by beleaguered PM George Papandreou.
He has labelled the PM "dangerous for Greece" and wants immediate elections. He has labelled the PM "dangerous" for Greece and wants immediate elections.
But Mr Papandreou says elections must wait until a vital EU bailout package has been approved.But Mr Papandreou says elections must wait until a vital EU bailout package has been approved.
He says holding elections now would be catastrophic for the country.
Two opinion polls published on Saturday suggested that Greeks would prefer the option of a national unity government to snap elections, Reuters news agency reported.Two opinion polls published on Saturday suggested that Greeks would prefer the option of a national unity government to snap elections, Reuters news agency reported.
Mr Papandreou met President Karolos Papoulias on Saturday, hours after surviving a confidence vote in parliament, and promised that talks would start soon on his pledge to build the broader coalition. 'Dangerous'
There has been speculation that it could be led by Finance Minister Evangelos Venizelos, after Mr Papandreou hinted that he would stand aside as PM if it would make progress easier. Mr Papandreou met President Karolos Papoulias on Saturday, hours after narrowly surviving a confidence vote in parliament.
President Papoulias urged the opposing sides to overcome their differences and work together to resolve a crisis that has jeopardised the entire euro project.
"Consensus is the one and only way," Mr Papoulias told the prime minister.
However, Mr Papandreou and Mr Samaras have offered radically different plans on how to tackle the crisis.
Mr Samaras said: "We ask for a short-term transitional government in order to restore a sense of stability and then the country goes to the polls."
He also called Mr Papandreou "dangerous" for the country and called on him to resign.
The prime minister said on elections would "have catastrophic consequences for the economy and for the Greek people".
Mr Papandreou said these were "critical times". Without the bailout funds, Greece may go bankrupt before the end of the year and could be forced out of the euro altogether.Mr Papandreou said these were "critical times". Without the bailout funds, Greece may go bankrupt before the end of the year and could be forced out of the euro altogether.
Mr Papandreou said he had gone to the presidential palace on Saturday to inform Mr Papoulias of his "intention to contribute decisively to the creation of a government of the widest possible consensus". After meeting the president, Mr Papandreou said he had told him of his "intention to contribute decisively to the creation of a government of the widest possible consensus".
Earlier, said he was concerned that "a lack of co-operation could trouble how our partners see our will and desire to remain in the central core of the European Union and the euro". Default risk
Greece's mounting debt crisis and the implementation of austerity measures have proved hugely unpopular with the public, prompting widespread protests, strikes and occasional bursts of violence. There has been speculation that a new governing coalition could be led by Finance Minister Evangelos Venizelos, after Mr Papandreou hinted that he would stand aside as PM if it would make progress easier.
But if Greece defaults on its debts, the cost of borrowing would rocket for other countries, potentially leading to a new banking crisis.
Earlier this week, Mr Papandreou shocked EU partners and sent markets into turmoil by calling for a national referendum on the deal which they thought had been secured.
The vote was called off days later, but only after triggering the wider financial and political crisis.

What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.
Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.
The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.
Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.
There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.
In July 2011, Eurozone leaders and the IMF agreed to lend Greece 109bn euros ($155bn, £96.3bn) - a year after it was granted access to a 110bn euro rescue package.
Eurozone ministers were worried that if Greece was to default there would be a risk of contagion to other economies. They hope the package will resolve Greece's debt crisis and shore up the euro.
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What went wrong in Greece?

Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.
Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.
The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.
Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.
There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.
In July 2011, Eurozone leaders and the IMF agreed to lend Greece 109bn euros ($155bn, £96.3bn) - a year after it was granted access to a 110bn euro rescue package.
Eurozone ministers were worried that if Greece was to default there would be a risk of contagion to other economies. They hope the package will resolve Greece's debt crisis and shore up the euro.
BACK {current} of {total} NEXT
Greece's mounting debt crisis and the implementation of austerity measures have proved hugely unpopular with the public, prompting widespread protests and strikes.
But if Greece defaults on its debts, the cost of borrowing would rocket for other countries, potentially leading to a new banking crisis.
On Monday, Mr Papandreou shocked EU partners and sent markets into turmoil by calling for a national referendum on the deal which they thought had been secured.
The vote was called off just days later, but only after triggering the wider financial and political crisis.
Attention has also been focusing on Italy's huge debt burden, with fears that it could face its own crisis.Attention has also been focusing on Italy's huge debt burden, with fears that it could face its own crisis.
On Saturday, German Chancellor Angela Merkel said it could take a decade for Europe to resolve its debt crisis and that this could only be done by countries placing legal limits on their debts.On Saturday, German Chancellor Angela Merkel said it could take a decade for Europe to resolve its debt crisis and that this could only be done by countries placing legal limits on their debts.
"Everyone in Europe must make an effort to achieve all that is required," she said in comments posted on her website."Everyone in Europe must make an effort to achieve all that is required," she said in comments posted on her website.
European Commission President Jose Manuel Barroso acknowledged it was possible that Greece could end up leaving the eurozone, but said it was "in their interests" to stay.European Commission President Jose Manuel Barroso acknowledged it was possible that Greece could end up leaving the eurozone, but said it was "in their interests" to stay.
"I think the principle of a country leaving the euro is not a good one. But at the end, it depends on them being able to implement the decisions taken together," he said."I think the principle of a country leaving the euro is not a good one. But at the end, it depends on them being able to implement the decisions taken together," he said.