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Greece opposition leader set for talks on coalition bid Greece opposition leader meets president over debt crisis
(about 3 hours later)
Greece's main opposition leader is to meet the president shortly as the country remains in political deadlock over its debt crisis. Greece's main opposition leader is meeting the president 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.
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.
'Dangerous''Dangerous'
Mr Papandreou met President Karolos Papoulias on Saturday, hours after narrowly surviving a confidence vote in parliament.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.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."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 political crisis.However, Mr Papandreou and Mr Samaras have offered radically different plans on how to tackle the political crisis.
Mr Samaras insisted snap elections, not a unity government led by Mr Papandreou, was the way forward.Mr Samaras insisted snap elections, not a unity government led by Mr Papandreou, was the way forward.
"We have not asked for any place in his government," Mr Samaras said. "All we want is for Mr Papandreou to resign, because he has become dangerous for the country. We insist on immediate elections.""We have not asked for any place in his government," Mr Samaras said. "All we want is for Mr Papandreou to resign, because he has become dangerous for the country. We insist on immediate elections."
But Mr Papandreou said early elections would "have catastrophic consequences for the economy and for the Greek people".But Mr Papandreou said early elections would "have catastrophic consequences for the economy and for the Greek people".
He said a unity government needed several months in order to save the country from bankruptcy and safeguard its membership of the eurozone.He said a unity government needed several months in order to save the country from bankruptcy and safeguard its membership of the eurozone.
"Co-operation is necessary to guarantee - for Greece and for our partners - that we can honour our commitments," Mr Papandreou said at his meeting with President Papoulias."Co-operation is necessary to guarantee - for Greece and for our partners - that we can honour our commitments," Mr Papandreou said at his meeting with President Papoulias.
"I am 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 eurozone.""I am 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 eurozone."
Default riskDefault risk
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.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.

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.
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Greece's mounting debt crisis and the implementation of austerity measures have proved hugely unpopular with the public, prompting widespread protests and strikes.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.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.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.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.