Business News
Greek party leaders hold crucial debt talks
Feb 8, 2012, 15:18 GMT
Athens - A meeting between the leaders of Greece's governing coalition and Prime Minister Lucas Papademos convened on Wednesday on cost-cutting measures the country will have to adopt to receive further loans to avoid a looming bankruptcy next month.
The party leaders will respond to a 50-page draft deal on steep cuts demanded by international creditors in return for a 130-billion-euro (172-billion-dollar) bailout.
Greece is under pressure to carry out private sector wage cuts, pension cuts, public sector sackings and cuts in health, pension and defence spending.
Athens needs the money to avoid a default on bond repayments due in March.
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