world news update
2/06/2012 01:50:00 am
Greece's coalition parties must tell the European Union on Monday whether they accept the painful terms of a new bailout deal to avoid a messy default that could threaten the country's future in the euro zone.
Political leaders must agree on unresolved problems - including labor market change and shoring up domestic banks - to secure the 130 billion euro ($170 billion) rescue Greece needs by March or risk inflaming tempers in the European Union over what is seen as its dithering on implementing reforms.
A socialist party spokesman said leaders of the three coalition parties - who may face anger in parliamentary polls as soon as April - must respond by noon (1000 GMT) on Monday.
A meeting of political leaders would follow later in the day.
Technocrat Prime Minister Lucas Papademos said after five hours of talks on Sunday that party chiefs had agreed measures including wage cuts and other reforms as part of spending cuts worth 1.5% of gross domestic product.
But PASOK spokesman Panos Beglitis said a number of major issues demanded by the "Troika", representing Greece's EU, European Central Bank and International Monetary Fund lenders, remained unresolved.
Political leaders must agree on unresolved problems - including labor market change and shoring up domestic banks - to secure the 130 billion euro ($170 billion) rescue Greece needs by March or risk inflaming tempers in the European Union over what is seen as its dithering on implementing reforms.
A socialist party spokesman said leaders of the three coalition parties - who may face anger in parliamentary polls as soon as April - must respond by noon (1000 GMT) on Monday.
A meeting of political leaders would follow later in the day.
Technocrat Prime Minister Lucas Papademos said after five hours of talks on Sunday that party chiefs had agreed measures including wage cuts and other reforms as part of spending cuts worth 1.5% of gross domestic product.
But PASOK spokesman Panos Beglitis said a number of major issues demanded by the "Troika", representing Greece's EU, European Central Bank and International Monetary Fund lenders, remained unresolved.
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