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Greece bailout: Coalition fails to agree cuts | Greece bailout: Coalition fails to agree cuts |
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Greek PM Lucas Papademos has failed to secure the support of his coalition for a raft of new austerity measures, after more than seven hours of talks. | Greek PM Lucas Papademos has failed to secure the support of his coalition for a raft of new austerity measures, after more than seven hours of talks. |
He met officials from three parties to try to secure a deal leading to a fresh bailout package. | He met officials from three parties to try to secure a deal leading to a fresh bailout package. |
The main stumbling block was proposed pension cuts, reports said. | The main stumbling block was proposed pension cuts, reports said. |
Immediately after the talks ended, Mr Papademos held a meeting with officials from the "troika" of bailout creditors which broke up after several hours. | Immediately after the talks ended, Mr Papademos held a meeting with officials from the "troika" of bailout creditors which broke up after several hours. |
A statement issued by the prime minister's office said the aim of the meeting with the troika - representatives from the European Union, the European Central Bank and the International Monetary Fund - was to "conclude the agreement" before Thursday's meeting of eurozone finance ministers. | A statement issued by the prime minister's office said the aim of the meeting with the troika - representatives from the European Union, the European Central Bank and the International Monetary Fund - was to "conclude the agreement" before Thursday's meeting of eurozone finance ministers. |
Greek Finance Minister Evangelos Venizelos is travelling to Brussels to explain the sticking points of the deal to the Eurogroup. | Greek Finance Minister Evangelos Venizelos is travelling to Brussels to explain the sticking points of the deal to the Eurogroup. |
"I leave for Brussels with hope that the Eurogroup will take a positive decision concerning the new aid plan," Mr Venizelos said prior to his departure from Athens. | "I leave for Brussels with hope that the Eurogroup will take a positive decision concerning the new aid plan," Mr Venizelos said prior to his departure from Athens. |
"There was broad agreement on all the program issues with the exception of one, which requires further elaboration and discussion with the troika," the prime minister's office said. | "There was broad agreement on all the program issues with the exception of one, which requires further elaboration and discussion with the troika," the prime minister's office said. |
'Serious reservations' | 'Serious reservations' |
The main problem appears to be pension cuts worth 600m euros reportedly proposed in a draft text agreed by the troika and the prime minister. The document is also said to include a 20% minimum wage reduction and the sacking of 15,000 public sector workers. | The main problem appears to be pension cuts worth 600m euros reportedly proposed in a draft text agreed by the troika and the prime minister. The document is also said to include a 20% minimum wage reduction and the sacking of 15,000 public sector workers. |
The details were put to the leaders of Pasok, New Democracy and the far-right Laos party on Wednesday morning. | The details were put to the leaders of Pasok, New Democracy and the far-right Laos party on Wednesday morning. |
The government was said to be looking for 300m euros to be cut from supplementary and basic pensions while the creditors are reported to have allowed a further 15 days for the rest of the money to be found in savings elsewhere. | The government was said to be looking for 300m euros to be cut from supplementary and basic pensions while the creditors are reported to have allowed a further 15 days for the rest of the money to be found in savings elsewhere. |
According to Laos leader George Karatzaferis, the bulk of Wednesday's late night meeting was spent discussing the issue of supplementary pensions. | According to Laos leader George Karatzaferis, the bulk of Wednesday's late night meeting was spent discussing the issue of supplementary pensions. |
Mr Papademos's office said Mr Karatzaferis had expressed "serious reservations" during the meeting. | Mr Papademos's office said Mr Karatzaferis had expressed "serious reservations" during the meeting. |
As he left, Mr Karatzaferis told reporters: "I made my positions clear from the beginning... I wanted to support Mr Samaras (New Democracy leader) on that issue (pensions)." | As he left, Mr Karatzaferis told reporters: "I made my positions clear from the beginning... I wanted to support Mr Samaras (New Democracy leader) on that issue (pensions)." |
Antonis Samaras said he had felt obliged to bargain hard. | Antonis Samaras said he had felt obliged to bargain hard. |
"We want to ease the people's suffering,'' he said. | "We want to ease the people's suffering,'' he said. |
However, the BBC's Mark Lowen, in Athens, says the package of cuts and reforms would go down very badly with an austerity weary Greek nation. | However, the BBC's Mark Lowen, in Athens, says the package of cuts and reforms would go down very badly with an austerity weary Greek nation. |
According to unconfirmed reports in the Greek media, the measures were aimed at trimming 3.2bn euros (£2.7bn; $4.2bn): | According to unconfirmed reports in the Greek media, the measures were aimed at trimming 3.2bn euros (£2.7bn; $4.2bn): |
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As part of Greece's new 130bn euro ($170bn; £110bn) bailout deal - Greece's second international bailout - Mr Papademos and Finance Minister Evangelos Venizelos have also been engaged in a separate strand of negotiations with private creditors over a write-off of up to 70% of the value of the money owed by the Greek government. | As part of Greece's new 130bn euro ($170bn; £110bn) bailout deal - Greece's second international bailout - Mr Papademos and Finance Minister Evangelos Venizelos have also been engaged in a separate strand of negotiations with private creditors over a write-off of up to 70% of the value of the money owed by the Greek government. |
Three officials from the the International Institute of Finance (IIF), which is negotiating on behalf of the private creditors, completed talks on Tuesday night and returned to Paris. | Three officials from the the International Institute of Finance (IIF), which is negotiating on behalf of the private creditors, completed talks on Tuesday night and returned to Paris. |
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