Greece grappling with political stalemate

PASOK is the third party mandated with the formation of a coalition government in the debt-stricken eurozone nation.

Similar attempt were made in vain by the winner of the May 6 elections, the Conservative New Democracy party, and the runner-up Radical Left Coalition, also known as Syriza.

The parties are locked in a dispute over whether to accept a bailout deal with the International Monetary Fund and other European countries.

President Karolos Papoulias is to meet with all party leaders to hammer out a deal if no solution is found by May 17.

If the last-ditch effort fails too, Greece will be heading to new elections in early June.

Despite the failure of pro-bailout parties in Greece’s parliamentary vote, the European Commission said on Wednesday that Greece would receive a 5.2-billion-euro aid package as anticipated on May 10.

The turmoil in the euro region has prompted the body to call on the bloc members to stick to their budget cuts, while promising to draw up plans to introduce more growth measures to alleviate economic hardship.

Greece is the epicenter of the eurozone debt crisis where one in every five workers is unemployed, banks are in a shaky position, and pensions and government salaries have been slashed by up to 40 percent.

MRS/JR

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