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Greek President Holds Last-Ditch Coalition Talks with Party Chiefs

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Greek President Karolos Papoulias has opened talks with the heads of the three main parties in a last-ditch effort to resolve a deadlock over forming a coalition government and avoiding new elections.

Greek President Karolos Papoulias has opened talks with the heads of the three main parties in a last-ditch effort to resolve a deadlock over forming a coalition government and avoiding new elections.

All the three political parties that include the conservative New Democracy, the radical leftist Syriza and socialist Pasok have failed in their attempts to form a coalition government.

Greece held the first general election since the debt crisis hit the country in late 2009 and prompted Greek authorities to implement deeply unpopular austerity measures in exchange for bailout funds from the European Union and the International Monetary Funds to stave off a sovereign default.

The top two parties to win in the May 6 parliamentary election were New Democracy and Syriza. The third party to finish was Pasok led by Evangelos Venizelos.

The political uncertainty has alarmed Greece's international creditors who insist the country must comply with the terms of the bailout deal to receive further financial aid and avoid a default.

If the Greek leading political parties’ heads and the president fail to come to an accord, Papoulias will have to announce another parliamentary election.

 

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