After six rounds of fruitless wrangling, party leaders emerged from a final session at the presidential mansion to gloomily declare that deep divisions over a 130-billion-euro foreign bailout package had killed any hope of a coalition deal.
"We shouldn't have reached this point," said Socialist leader Evangelos Venizelos, who personally negotiated the rescue package from the European Union and IMF which the hard left says has imposed too harsh an austerity regime. "For God's sake, let's move towards something better and not something worse."
Reviled for imposing deep wage and spending cuts but vital to keep the country running, the bailout worth $166 billion prompted Greeks to elect the most fragmented parliament in decades on May 6, giving no party or bloc a clear mandate.
A second election is expected to produce a similarly divided legislature, but the balance of power is seen tipping towards opponents of the EU/IMF rescue and raising the likelihood of a coalition that reneges on the deal keeping Greece afloat.
Sources:
Reuters
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