Venizelos goes to Brussels empty handed after inconclusive bailout talks

GREEK finance minister Evangelos Venizelos is en route to Brussels without a deal on austerity measures after Greek leaders failed to reach an agreement last night.

Their failure to agree on essential measures has exasperated its EU and IMF partners, who are demanding the new austerity measures and financial reforms in return for a €130 billion bailout.

Pressure is now mounting on Greece ahead of a March 20 bond redemption.

Speaking after all night talks between the three coalition parties, and EU and IMF inspectors, Venizelos said this morning: “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.”

“The financial survival of the country in the coming years depends on the new programme … It is time of responsibility for everyone.” He added

Euro zone officials say the full package must be agreed with Greece and approved by the EU, European Central Bank and IMF before February 15 so legal paperwork can be completed in time to avoid a chaotic default that could threaten global economic recovery.

Venizelos had hoped to present to his fellow euro zone finance ministers in Brussels a fully-fledged deal on a new bailout plan, including commitment for €3.3 billion in budget cuts this year.

Greece has been falling deeper into recession since it was rescued by a first bailout deal in May 2010, with unemployment reaching record highs of over 18 per cent.

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