Greek coalition chiefs to hold new austerity talks

AP News
Posted: Jul 31, 2012 1:26 PM
Greek coalition chiefs to hold new austerity talks

ATHENS, Greece (AP) — The heads of the three parties in Greece's new coalition government will meet again Wednesday to try and agree on further austerity cuts demanded by the country's bailout creditors.

Despite two meetings in less than a week, conservative Prime Minister Antonis Samaras and junior coalition party chiefs have not finalized new politically costly measures intended to save €11.5 billion ($14.13 billion) in 2013 and 2014.

After the second meeting on Monday, Samaras' partners played down the need for a swift decision, saying that coalition leaders agree on Greece's overall strategy.

That is unlikely to appease the debt-crippled country's creditors, who have an inspection team in Athens to pick over the Greek austerity program. If their report is negative, the vital rescue loans will stop and the country will go bankrupt.