Greece faces new election as party talks fail‎

Athens – Greek political leaders have failed to form a coalition which would resolve a political impasse and avert the need for new elections.

 

Socialist leader Evangelos Venizelos made the announcement Friday after the Radical Left Coalition, or Syriza, refused to join the Socialists and conservatives due to a disagreement on the country’s economic austerity program.

 

The Socialist and conservative New Democracy parties have proposed a gradual phasing out of the tough measures imposed by the European Union and IMF in exchange for a bailout loan. The leftists want them canceled immediately. If there is no lasting agreement by May 17, new elections will be called.