Greek negotiations over govt to continue

Nicholas Paphitis - The Associated Press

ATHENS, Greece (AP) — Marathon efforts to break Greece's post-electoral paralysis are lurching into a ninth day amid the country's worst crisis in decades, with fractious party leaders summoned to a yet another emergency meeting Tuesday that could see the reins of government surrendered to non-politicians.

The hectic haggling in Athens cast a deep gloom over global markets, which fell Monday on fears that the debt-crippled country will have to hold another election within weeks — the only way out if squabbling party leaders fail to strike a power-sharing deal.

That would squander vital time earmarked for reforming Greece's fast-shrinking economy. In return for the two massive international bailouts that are its only shield from bankruptcy, Greece has committed to implement further cutbacks. It will otherwise face the catastrophic prospect of bankruptcy and an ignominious exit from the euro, which would cause unknown consequences for Europe and the world.

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May 14, 2012