Greek crisis talks end without consensus on austerity
The EU says Greece needs a political consensus on austerity
Greek political parties are sharply divided on the government's aggressive austerity measures. The most recent attempt at finding common ground has failed, putting access to much-needed bailout funds at risk.
Top Greek politicians on Friday held crisis talks on how to steer their way out of the country's debt crisis and avoid a default, but failed to reach a consensus.
Party leaders emerged from the meeting in Athens after four hours, saying they could not find common ground.
"Unfortunately, some people put their own position above Greece," said George Karatzaferis, leader of the far-right LAOS party.
Prime Minister George Papandreou has undertaken an aggressive austerity program as part of the conditions for its 110-billion-euro ($155 billion) bailout from the European Union and the International Monetary Fund.
The austerity measures face stiff opposition from trade unions, political rivals and some within his own Socialist party.
Funding gaps
The fifth 12-billion-euro tranche of the bailout is due to be released in June, with the IMF due to contribute 3.3 billion euros.
Papandreou's austerity program faces fierce opposition
Jean-Claude Juncker, president of the Eurogroup meeting of eurozone finance ministers, worried markets on Thursday when he said that, should the IMF decide not to contribute to the next bailout installment, EU countries would not necessarily make up the difference.
"That won't work because in certain parliaments - Germany, Finland and the Netherlands and others, too - there is no preparedness to do so," he said.
The Socialists have a comfortable majority in parliament, but EU leaders have warned that Greece needs a credible political consensus on austerity if it wants continued access to the bailout funds.
Representatives from the EU, IMF and European Central Bank are currently in Athens to determine whether Greece should receive the next bailout payment. A European Commission spokeswoman on Friday said she would not comment on "speculation" about the IMF contribution before the team finishes its evaluation.
Author: Andrew Bowen (Reuters, dpa)
Editor: Susan Houlton
The EU says Greece needs a political consensus on austerity
Greek political parties are sharply divided on the government's aggressive austerity measures. The most recent attempt at finding common ground has failed, putting access to much-needed bailout funds at risk.
Top Greek politicians on Friday held crisis talks on how to steer their way out of the country's debt crisis and avoid a default, but failed to reach a consensus.
Party leaders emerged from the meeting in Athens after four hours, saying they could not find common ground.
"Unfortunately, some people put their own position above Greece," said George Karatzaferis, leader of the far-right LAOS party.
Prime Minister George Papandreou has undertaken an aggressive austerity program as part of the conditions for its 110-billion-euro ($155 billion) bailout from the European Union and the International Monetary Fund.
The austerity measures face stiff opposition from trade unions, political rivals and some within his own Socialist party.
Funding gaps
The fifth 12-billion-euro tranche of the bailout is due to be released in June, with the IMF due to contribute 3.3 billion euros.
Papandreou's austerity program faces fierce opposition
Jean-Claude Juncker, president of the Eurogroup meeting of eurozone finance ministers, worried markets on Thursday when he said that, should the IMF decide not to contribute to the next bailout installment, EU countries would not necessarily make up the difference.
"That won't work because in certain parliaments - Germany, Finland and the Netherlands and others, too - there is no preparedness to do so," he said.
The Socialists have a comfortable majority in parliament, but EU leaders have warned that Greece needs a credible political consensus on austerity if it wants continued access to the bailout funds.
Representatives from the EU, IMF and European Central Bank are currently in Athens to determine whether Greece should receive the next bailout payment. A European Commission spokeswoman on Friday said she would not comment on "speculation" about the IMF contribution before the team finishes its evaluation.
Author: Andrew Bowen (Reuters, dpa)
Editor: Susan Houlton
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