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Papademos Seeks Accord on Cuts

Greek political leaders work to meet requirements for bailout.

By Maria Petrakis, Marcus Bensasson and Natalie Weeks, Bloomberg | Updated on February 07, 2012

Greek Prime Minister Lucas Papademos plans to convene the nation’s political leaders to seek consensus on the cuts required for a bailout as unions called a strike to protest and European leaders pressed for answers.

While Papademos and the party chiefs have agreed to make further cuts this year equal to 1.5 percent of gross domestic product, they have yet to close gaps over measures demanded by creditors for a 130 billion-euro ($171 billion) rescue. German Chancellor Angela Merkel said “time is running out,” while unions derided the conditions as “blackmail.”

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