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Business Eurozone crisis guardian.co.uk, Monday 6 February 2012 21.09 GMT Helena Smith in Athens and Phillip Inman Disbelief as Greek politicians delay deal on €130bn rescue package Exasperated Angela Merkel warns 'time is of the essence' Portugal's PM says 'we will not allow it to happen here' Greece appeared intent on taking make-or-break talks over a €130bn (£108bn) rescue programme for the debt-choked country down to the wire tonight as officials announced that the discussions would be delayed.Confounding market expectation and European hopes, the government said agreement over the conditions attached to further aid could not be reached as a meeting between political chiefs and the prime minister, Lucas Papademos , had been deferred until today."All parties have basically accepted the deal," said a well-briefed source, referring to the three elements in Papademos's national unity coalition. "But it is felt that the details have to be fine-tuned. The leaders want to know what they are signing up to."With Greece staring at the spectre of bankruptcy – barely six weeks before it has to make bond repayments worth €14.5bn – EU officials expressed disbelief that politicians could not finally put their name to an accord. Unable to conceal her own exasperation, the German chancellor, Angela Merkel , said: "I honestly can't understand how additional days will help."Time is of the essence. A lot is at stake for the entire eurozone," she said after holding debt crisis talks in Paris with the French president, Nicolas Sarkozy. Papademos, a technocrat who was appointed to the post with the express purpose of passing the measures to secure the bailout deal, originally told the leaders to conclude talks by midday.But the deadline came and went. Infuriated, Amadeu Altafaj-Tardio, a spokesman for the European economic affairs commissioner Olli Rehn, said: "The truth is we are already beyond deadline … the ball is in the court of the Greek authorities." ... Disbelief as Greek politicians delay deal on €130bn rescue package

"The truth is we are already beyond deadline … the ball is in the court of the Greek authorities."

Business Eurozone crisis guardian.co.uk, Friday 3 February 2012 20.08 GMT Phillip Inman, economics correspondent Greek rescue package talks blocked by unions and employers Greece's economy will be crippled if lenders' demands for pay cuts and tax rises are implemented, claim coalition's critics Greek unions and employers' associations have blocked a critical element of a rescue deal put forward by the European Union , accusing negotiators of crippling the economy with wage cuts and tax rises that will undermine growth.In a joint letter to the Greek prime minister, Lucas Papademos, the employers and unions said a cut in the minimum wage was non-negotiable and the focus of talks should switch to the tax system, the complexity of regulation and corruption.Athens is under pressure to wrap up talks on a bond swap and a €130bn (£108bn) bailout to avert a chaotic default. But hopes of an imminent deal faded after eurozone finance ministers put off a meeting expected on Monday to finalise the rescue. The ministers may meet later next week instead, said its head, Jean-Claude Juncker . The unions' and employers' statement undermined efforts by the coalition government to agree a package of reforms as demanded by the country's international lenders if Athens is to receive the crucial €130bn second rescue package.The three main parties in the coalition will meet on Saturday to discuss the situation, though sources close to the talks said a quick resolution was unlikely.The refusal of unions to accept further wage cuts and the discovery earlier in the week of an extra €15bn hole in Athens's accounts are expected to force negotiators to rethink their tactics over the weekend.The troika of officials from the International Monetary Fund, European Central Bank and EU want Greece to agree a package of spending cuts and reforms before they release the fresh €130bn of funds. Splits have opened up inside the Greek coalition, which includes right- and leftwing parties, as leaders jockey for position in the runup to the elections scheduled for March.Antonis Samaras, the leader of the conservative New Democracy (ND) party, which is leading in opinion polls, opposes cuts to pensions and to wages in the private sector , which he argues would deepen the current recession. The ND leader joined employers in proposing a salary freeze, though even this plan is rejected by unions, which have already accepted 14% wage cuts. ... http://www.guardian.co.uk/business/2012/feb/03/greece-rescue-package-blocked-unions?INTCMP=SRCH

Antonis Samaras, leader of the conservative New Democracy party, joined employers in proposing a pay freeze but opposed cuts to pensions and wages. Photograph: John Kolesidis/Reuters