Greek leaders to continue talks on new austerity package

ATHENS - Greek Prime Minister Antonis Samaras and the leaders of the two other parties in his coalition government will continue on Wednesday the talks on a fresh austerity package to unlock new vital bailout loans for the country.

A meeting at the premier's office in Athens on Sunday evening ended with no final agreement on the details of the 11.5 billion euro ($14.7 billion) worth package of spending cuts demanded by international creditors, the government announced.

The dialogue will resume on Wednesday, socialist PASOK leader Evangelos Venizelos and Democratic Left leader Fotis Kouvelis told the media upon their exit from Samaras' office, repeating their objections to new painful cuts on pensions and wages for civil servants.

Rounds of austerity measures over the past two years have left low and middle income households suffering from deep recession. Coalition partners have repeatedly said that a part of Greek society has reached its limits.

But pressure for immediate results is mounting from EU and International Monetary Fund (IMF) lenders who support Greece under conditions with multi billion euro rescue loans since 2010 in order to avert a chaotic default within the euro zone.

Samaras will hold talks on Monday in Athens with the representatives of the international creditors on the planned new austerity package.

The inspectors' preparatory meeting with Greek Finance Minister Yiannis Stournaras on Sunday afternoon was held in a positive climate, according to both sides.

Ministry sources said that Athens needs to clarify to the delegation in coming days some measures in order to secure their positive report on the progress of Greece's efforts to slash deficits under the terms of the bailout deals.

Based on the auditors' report, EU counterparts and IMF will decide whether to release further aid to the debt-laden country this autumn. Without the next 31.5 billion euro ($40.3 billion), Greece could default and exit the euro.