Greek crisis talks for debt deal pushed to Monday [View all]

[Javaman]

http://finance.yahoo.com/news/greek-crisis-talks-debt-deal-185515745.html;_ylt=AttGnWIu1N9hdUuUuErc0KiiuYdG;_ylu=X3oDMTNyaDQ0bXVoBG1pdANGUCBUb3AgU3RvcnkgTGVmdARwa2cDZjUzM2UyNGItNGMwNC0zNmVlLWJiMTQtZTViOTU5ODViNTgyBHBvcwMxBHNlYwN0b3Bfc3RvcnkEdmVyA2E3MzUxM2QwLTUwNDMtMTFlMS1iN2RmLWFjYjI2OWYxNDkyMg--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

ATHENS, Greece (AP) -- Crisis talks on a debt deal for Greece among the three leaders of parties supporting the coalition government were suspended and will continue Monday.

Greece is racing to finalize austerity reforms needed for a new euro130 billion ($171 billion) bailout without which it would face bankruptcy in late March. But in a country deep in recession, with unemployment at 19 percent, many politicians and unions oppose more austerity measures.

The three party leaders held a five-hour meeting late Sunday with Prime Minister Lucas Papademos to hammer out a deal with debt inspectors representing eurozone countries and the International Monetary Fund, but failed to reach an agreement.

An announcement from Papademos' office said the three had agreed on measures to cut spending in 2012 by 1.5 percent of gross domestic product — about euro3.3 billion ($4.3 billion) — improve competitiveness by cutting wages and non-wage costs, such as social security contributions, reduce auxiliary pensions and re-capitalize banks without nationalizing them.

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