BUSINESS

Greek premier meets with party leaders backing coalition government over talks with creditors

01/29/2012 10:31 EST | Updated 03/30/2012 05:12 EDT
ATHENS, Greece - Greece's prime minister and the leaders of the three parties backing his coalition government have concluded a nearly three-hour meeting discussing the country's negotiations with its creditors.

Premier Lucas Papademos released a statement after Sunday's meeting, saying he and the party leaders were in "complete agreement" over the positions to adopt in subsequent talks toward a €130 billion ($170 billion) bailout for Greece and a bond swap agreement with private creditors.

While talks with private creditors appear to be on the right track, Papademos concedes in his statement that "deviations" from agreed targets and "delays that are piling up" have led the European Union and the International Monetary Fund to ask for additional, painful austerity measures.