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    Greek PM, debt inspectors end talks with no deal

    By DEMETRIS NELLAS and DEREK GATOPOULOS | Associated Press – Wed, Feb 8, 2012

    ATHENS, Greece (AP) — A crucial meeting between Greece's Prime Minister and debt inspectors on averting default and a possible exit from the euro ended early Thursday with no definite results.

    As he left the meeting, Finance Minister Evangelos Venizelos said the main point of contention — cuts in pensions — has not been resolved. He made a dramatic plea to the leaders of the political parties backing Greece's coalition government to reach an agreement before a meeting later Thursday of finance ministers from nations that use the euro.

    Venizelos said Greece's "survival over the coming years" depends on the new program of financial aid and the completion of a debt swap agreement with private creditors that would slash Greece's debt load.

    "It will determine whether the country remains in the eurozone or whether its place in Europe will be endangered," he said.

    "There is no room for any other expediency: we must look Greeks in the eye, look at the national interest and the interest of our children."

    Representatives of the so-called 'troika' of Greece's creditors — the European Union, the European Central Bank and the International Monetary Fund — arrived after midnight Wednesday to negotiate with Prime Minister Lucas Papademos, Venizelos and Labor Minister Giorgos Koutroumanis over the main point of contention: the troika's demand for substantial cuts in supplementary pensions.

    The issue that has threatened to derail the talks concerns cuts of about euro300 million that must be made so Greece can reach its fiscal targets for 2012. At stake is a euro130 billion bailout that will stave off Greece's bankruptcy.

    Venizelos will be leaving for Brussels at 7 a.m. local (0500 GMT). The eurozone finance ministers are scheduled to meet at 1700 GMT.

    No time has been yet set for a meeting of Papademos with the three political leaders — socialist George Papandreou, conservative Antonis Samaras and right-wing populist George Karatzaferis. It is the latter two who have raised the most objections over the pension cuts.

    On Wednesday, Papademos and the three political leaders had met for seven and a half hours and had accepted all the other demands of the troika, including a 22 percent cut in the minimum wage and firings of civil servants.

     

    27 comments

    • Michael
      Michael  •  3 mths ago
      When people will see what happens to countries who overspend like Obama does, MAYBE the unions will get stripped of the power that is killing this country. Pensions must go, no government official or employee should get them. social security is good enough for the rest of us.
      • notthatstupid
        notthatstupid 3 mths ago
        The NWO will get rid of social security. No retirement allowed under that rule. High school textbooks are now teaching the NWO in schools which is clear treason and glorifying how wonderful it will be for America to end and the NWO to take over the whole world taught now to juniors in high school So check out your kids text books they are taking over the young to get them used to the idea already.
      • So
        So 3 mths ago
        European snow apes. Insatiable desire for that which they do not have..
    • Ron
      Ron  •  3 mths ago
      They just don't want to come to grips with reality over in Greece. Those Greek politicians are learning from the US Congress.
    • erda
      erda  •  Columbus, Ohio  •  3 mths ago
      Greece is a beautiful hunk of land, but is nearing failure of a state.

      Some may blame socialism, I blame a real lack in taste for reality.
      Cut back, or eventually be cut down...
      • Ammon
        Ammon 3 mths ago
        Isn't socialism a lack of taste for reality??
    • mad
      mad  •  Irvine, California  •  3 mths ago
      Let them default, dissolve the government, let the people start over. Abolish the huge retirement payments, union wages and paid government officials that are almost the best that graft can buy.
      • Sunshine
        Sunshine 3 mths ago
        They had better NOT be getting American taxpayer funds to keep them from defaulting!
    • AdPasserL
      AdPasserL  •  Salt Lake City, Utah  •  3 mths ago
      This is what happens when the private sector shrinks to 30% of all jobs and the public sector grows to 70% of all jobs. Guess what, the public sector can't survive without a STRONG private sector. And the only way to have a strong private sector is to have low taxes and incentives for investors.

      What a surprise the "noble" public employees and their unions are unwilling to give up their undeserved and lavish perks in an effort to save their country. Talk about greedy.
      • HHH
        HHH 3 mths ago
        Ummm ahhh so whats Americas excuse ? You probably think we need to get in more wars and kill more innocent people too, praise the God,,,on the back of the dallor right?, Jesus might not be so proud of you, of course you would be one casting stones without even knowing it. But what would somebody who worships false golden tablets know about real life anyways.
    • Robert
      Robert  •  Wickliffe, Kentucky  •  3 mths ago
      Like us they can't aford the greedy union thugs.
    • paul
      paul  •  Long Beach, California  •  3 mths ago
      Just think 4 mores years of Obama when he doesn't have to worry about relection puts the United States of America right on pace to be just like Greece.
    • George
      George  •  3 mths ago
      Goodbye EU and the Euro!
    • C
      C  •  Hallowell, Maine  •  3 mths ago
      Aren't these the guys that invented democracy?
      • Stella
        Stella 3 mths ago
        Not really. Those are the politician traitors who sold out Greece and its people for their own gain.
    • Tommy Freedom
      Tommy Freedom  •  3 mths ago
      Just like us. The Obama voters are never going to give up their freebies without resorting to violence. Our debt ratio is worse than Greece. We are deadbeats today; not tomorrow.
    • Jack K
      Jack K  •  3 mths ago
      Yet our stock market keeps a clicking aling and the BLS says unemployment is coming down. Now I wonder who is lieing our govt to us or Greece about its bad shape? Everyone have a nice day!
    • Bob in Tenn
      Bob in Tenn  •  3 mths ago
      The bankers and financial wizards drove Greece's economy off the cliff, now they want the elderly and the working class people to pay for their mistakes.
    • QuinnH
      QuinnH  •  Monroe, Louisiana  •  3 mths ago
      We have to know how much our gov. is putting in to this bail out, it won't be easy to find out as they will try to hide it. Mark my word, our tax dollars will go to Greece. This administation will do anything between now and election to keep then afloat!
    • Bill R
      Bill R  •  Great Neck, New York  •  3 mths ago
      That's what all Americans should do with their credit cards and mortgages. Just walk away.
    • Greek truth
      Greek truth  •  Athens, Greece  •  3 mths ago
      Tune in to www.debtocracy.gr in order to have a better understanding of the facts behind what's really going on...
    • notthatstupid
      notthatstupid  •  3 mths ago
      How many times in the past 5 years has the news said, Greece has one day left to accept some terms or its over.? They never accept them and weeks later beyond the deadline they still can't decide. We all know they will print them up some new money because they aren't about to let anyone pull out of the EU. Once you are in that portion of the New World Order they have you. You pull out they nuke you. We all know they will lend money to them forever and Greece knows it too. Its just a show people. Just more propanganda to show us the UN means business which its proven repeatedly not mean a single thing it says.
    • Paul T
      Paul T  •  3 mths ago
      It is reasonably certain that Greece will leave the eurozone ...it is just a matter of time and in what shape ie, how to execute the retreat in a less disgraceful way and without breaking the euro ... and the Troika is dancing to the same tune ...
    • C
      C  •  Hallowell, Maine  •  3 mths ago
      I like the part about doing things in "...the interest of our children."

      We're enjoying the blessings and sacrifices of our grandparents here in America right now (as American leaders carry out their wishes.)

      Hey! Over there in Greece, YOUR GONNA LOVE IT (so will your kids.)
    • Rambo Bob
      Rambo Bob  •  3 mths ago
      This is so pathetic I can't believe it. Greece is broke but still refuses to reduce social programs they have no money to fund and expect the other European Union countries to pay for them . Kinda sounds like something Nobama would come up with .
    • Gnslngr
      Gnslngr  •  3 mths ago
      #$%$ is a pension?
     Post a comment
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