February 3, 2012
Greece's government struggled on Friday to agree tough labor reforms that would appease both wary political leaders and irate lenders faced with a rising bill to save the country from bankruptcy.
Athens is under pressure to wrap up talks on a bond swap and a 130 billion euro bailout to avert a chaotic default, but hopes of an imminent deal faded after euro zone finance ministers put off a meeting expected on Monday to finalize the rescue.
The ministers instead may meet later next week, Eurogroup chief Jean-Claude Juncker said.
Athens has repeatedly said the talks are in their final stage but has failed to secure either deal after weeks of wrangling, largely over concern that the rescue plan will not do enough to bring Greece's debt burden under control.
Euro zone governments may now have to cough up an extra 15 billion euros in addition to the 130 billion euros agreed in October because of funds needed to recapitalize tottering Greek banks, European Union sources said.
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