Desperate Greek leaders battle through the night (15)

Greek leaders have failed to sign off new austerity measures needed to clinch a 130billion euro bailout after battling through the night.

But prime minister Lucas Papademos said he hoped to strike a deal within hours following the gruelling seven hours’ negotiation.

He said chiefs of the three parties in his coalition had agreed on every point except one.

The Greek leader is now determined to get the go-ahead before a eurozone finance meeting in Brussels at 5pm today.

The long-awaited bailout would be the second for troubled Greece since 2010, with a dire year forecast for the economy.

Mr Papademos said party leaders had agreed on all points ‘with one exception which requires further inspection and discussion with the troika (Greece’s international lenders)’.

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See Also

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Spengler: Gold and bonds as options on the inflation rate

Greece bailout: Coalition fails to agree cuts

Hannan: Where the bailout money goes

Evans-Pritchard: Trigger-happy central banks spark bond euphoria

Afternoon Updates:

12:02 pm EST, February 9th, 2012 — Greek unemployment passes 20 percent, 48 for youth

12:04 pm EST, February 9th, 2012 — Walter: Germany’s Hidden Weaknesses

12:09 pm EST, February 9th, 2012 — Greece strikes bailout deal 

Note:

Don’t get to excited about this yet.  The Greek parliament still has to ratify the deal and that is not at all assured.

12:12 pm EST, February 9th, 2012 — Bank of England injects £50bn into economy

12:14 pm EST, February 9th, 2012 — Britain could be hit with additional £1 billion demand for EU payments

12:17 pm EST, February 9th, 2012 — Caldwell: Über Alles After All

12:22 pm EST, February 9th, 2012 — Anti-German Mood Heats Up in Greece

12:30 pm EST, February 9th, 2012 — Evans-Pritchard: Greek death spiral accelerates

12:35 pm EST, February 9th, 2012 — Hungary’s central bank burns old currency notes to help needy in cold snap

12:41 pm EST, February 9th, 2012 — Debt crisis and Greek talks: live

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