Greek shares rally as prime minister closes in on bailout deal

Guardian
February 7, 2012

Greece's prime minister, Lucas Papademos, was on the brink of a deal tonight to avoid a chaotic default by the debt-choked country, with officials saying an agreement would "almost certainly" be clinched when talks resumed on Wednesday.

After a drama-filled few days as discussions were repeatedly delayed, he had to persuade political leaders backing his interim administration to accept the tough conditions attached to further rescue funds from the European Union and the International Monetary Fund.

"There are outstanding technical issues but when they meet tomorrow we can expect the politicians to accept it," said one well-placed official after talks between Papademos and party chiefs were pushed back yet again.

"Part of the reason why the discussion is also taking longer is that the leaders have to come to terms with what they have to accept."

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