Greek negotiations over govt to continue
Nicholas Paphitis - The Associated Press
From left to right. Leader of the Democratic Left party Fotis Kouvelis, leader of Conservatives New Democracy party Antonis Samaras, Greek President Karolos Papoulias and head of Socialist PASOK party Evangelos Venizelos, meet in Athens May 14, 2012. Greece's president met party leaders on Sunday in a final bid to cobble together a coalition and avert a repeat election.
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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