Greece’s parliament late last night approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone.

Greece is a step closer to getting a new €130bn bailout after its cabinet signed off on a fresh dose of austerity measures last night.

The future of Greece in the euro looked more problematic last night as six ministers resigned ahead of a crucial vote on the latest austerity package.

Greece’s future in the euro grew increasingly precarious tonight as violence erupted on the streets of Athens and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.

A crucial meeting between Greece’s prime minister and debt inspectors on averting the country’s bankruptcy has just ended with no definite results.

Greek coalition leaders are studying a draft deal on further cuts demanded to secure a new bailout that will allow the country to avoid bankruptcy next month.

Greek Prime Minister Lucas Papademos will meet coalition party leaders today to approve the terms of a new international bailout.

Greek prime minister Lucas Papademos was yesterday shuttling over and back between the troika, the creditor banks and political party leaders desperately trying to conclude a deal on new austerity measures.

With the eyes of an impatient Europe on them, Greece’s feuding leaders are united by a desire to avoid blame for the harsh austerity required to save their country from a catastrophic default.

Greece’s coalition leaders have once again postponed a crucial meeting on new cutbacks, despite intense international pressure for Athens to bite the austerity bullet if it wants to avoid bankruptcy.

Under intense pressure from bailout creditors, Greek party leaders were seeking a long-delayed agreement on harsh cutbacks demanded to avoid looming bankruptcy, as a general strike disrupted public services nationwide today.

Tensions increased across the eurozone and globally as negotiations on Greek debt and cutbacks reached a critical point, amid fears that the country could default.

Crisis talks on a debt deal for Greece will continue today after a five-hour meeting between the prime minister and coalition government party leaders failed to reach agreement.

Crisis talks in Greece for huge new debt deals will continue tomorrow, leaders of parties supporting the country’s coalition government have said .

The European Central Bank must take part in Greece’s debt swap, finance minister Evangelos Venizelos said yesterday, warning that a rescue package for Athens also hinges on other issues being resolved such as labour reforms and how Greek banks are to be recapitalised.

Investors participating in a deal to slash Greece's massive debt would face an overall loss on their bond holdings of more than 70%, it emerged toda

Greek Prime Minister Lucas Papademos says he has the backing of leaders from the three political parties supporting his interim government, as international creditors increase the pressure on Greece to make deeper spending cuts to secure new funding.

Greece’s government has said that negotiations with private creditors aimed at lightening Greece’s debt load have been suspended unexpectedly and that the creditors’ representative has left Greece.

Greece’s prime minister is due to hold talks with labour unions and trade federations ahead of a crucial visit by the country’s debt inspectors while Athens negotiates the terms of a second multimillion-euro international bailout.

The Greek parliament overwhelmingly approved next year's austerity budget, extending the savage spending cuts that have already left people struggling as the country tries to slash its vast debts and tame a severe recession.

Greece's new coalition government has sped up plans to pass a 2012 austerity budget, hoping to press ahead with tough debt-reduction talks despite the financial turmoil threatening the eurozone.

A Greek high court is considered appeals against a deeply resented new property tax that has sparked anger across the country because those who do not pay will have their power turned off.

Greece’s new government was hit by its first general strike today as thousands opposed to cuts marched through Athens.

Greece's new coalition government promised rescue creditors it will impose additional "deep and broad reforms", as unions launched a general strike against the economic austerity.

GREECE’s creditors failed on Saturday to persuade the leader of the main conservative party to drop his refusal to sign a pledge that he will back austerity measures under a bailout deal aimed at saving the country from financial ruin.

WITH the eurozone close to the cliff’s edge, elected politicians are giving way to the technocrats, or else being forced to kowtow to them.

Police guarding Greece’s parliament have fired tear gas and stun grenades to disperse rioting youths, as thousands marched through Athens in an annual protest to the US embassy.

Greece’s new coalition government has won a confidence vote in parliament with a comfortable majority.

GERMAN Chancellor Angela Merkel said yesterday that Europe could be living through its toughest hour since WWII as new leaders in Italy and Greece rushed to form governments and limit the damage from the eurozone debt crisis.

MANY a pub debate on Ireland’s economic woes has begun with the proposition that none of it would have happened if economist David McWilliams had had a seat at cabinet, or that we would recover quicker if Michael O’Leary was plucked from Ryanair and made minister for finance.

SO Greece has a new prime minister — Lucas Papademos — and Italy looks to have a new one, too — Mario Monti.

New Greek Prime Minister Lucas Papademos says the country's budget deficit will reach 9% of gross domestic product this year, higher than earlier targets.

THE prospect of technocrat-led governments in both Greece and Italy calmed markets but volatility is expected to return next week as both regimes attempt to push through austerity measures.

Greece's new technocrat Prime Minister Lucas Papademos assumed power today at the helm of an interim coalition government that will seek to push through tough economic reforms and ensure the country avoids a catastrophic default.

Greece’s incoming prime minister is to name his Cabinet today, a day after being appointed to head an interim coalition government which will push through a new European debt deal and secure continued bailout funding to prevent a catastrophic default.

SENIOR banker Lucas Papademos has been named prime minister of the new Greek interim government, charged with keeping the debt-ridden country out of bankruptcy and in the eurozone.

Senior banker Lucas Papademos was today appointed prime minister of an interim Greek unity government that seeks to cement a European debt deal and stave off national bankruptcy.

Greece named former bank chief Lucas Papademos as its new Prime Minister today after four days of power-sharing talks.

Former European Central Bank vice-president Lucas Papademos was officially named new Prime Minister of Greece today.

Former European Central Bank vice-president Lucas Papademos today joined Greek political leaders at power-sharing talks to form a new government, in a strong indication that he is being lined up to be the country’s new prime minister.

A DEAL on forming a Greek national unity government collapsed last night as the country headed towards an economic abyss, hours after outgoing prime minister George Papandreou said he was handing over to a coalition that does not exist.

GREEK party leaders laboured yesterday to agree on a new prime minister, with the nation and the EU clamouring for a deal on a unity coalition to save the country’s finances and end the chaos threatening the euro.

A FORMER deputy head of the European Central Bank emerged yesterday as frontrunner to become Greek prime minister, as party leaders bargained over who will lead a “100-day coalition” to push through a bailout before the nation runs out of money.

European Central Bank policy makers Axel Weber and Lucas Papademos said the bank may need to raise interest rates further if the inflation outlook deteriorates.