Athens' partners in the European Union and the International Monetary Fund are increasingly exasperated by a lack of agreement on the measures they demand in return for a €130 billion bailout, and time is running out for Greece before a major March 20 bond redemption.
Eurozone officials say the full package must be agreed with Greece and approved by the EU, IMF and European Central Bank before February 15, so that legal paperwork can be completed in time to avoid a chaotic default that could threaten global economic recovery.
But after talks with leaders of the three parties in the Greek coalition and with chief EU and IMF inspectors, Venizelos emerged shortly before dawn to say that one issue was unresolved. "I am leaving for Brussels in a short while with the hope that the Eurogroup meeting will be held, and a positive decision on the new programme will be taken", he told reporters. "The financial survival of the country in the coming years depends on the new programme ... It is a time of responsibility for everyone."
A senior government official said the party chiefs had agreed on how to make about 90 per cent of the promised savings, leaving a relatively small hole in the calculations. Athens had to close this gap quickly, said the official. "Greece has another 15 days to specify fiscal savings worth €300 million", he said on condition of anonymity.
International lenders are demanding that the party leaders commit themselves in writing to implement the programme of pay and pension cuts, structural and administrative reforms. However, the leaders have been loath to accept the lenders' tough conditions, which are certain to be unpopular with voters.
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