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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Clashes erupt as Greek bailout deal nears AFP - 1 hour 26 minutes ago Send IM Story Print Greek Prime Minister George Papandreou leaves his office after talks with the head of the Finance Ministry in Athens. Greece came under intense pressure on Thursday to cut spending and raise taxes in return for a giant international bailout, as the markets drew breath after some head-spinning plunges. ATHENS (AFP) - – Greek police clashed with protesters Thursday as the troubled nation came under intense pressure to force through extra cuts in return for a giant bailout deal said to be just days away. Police fired tear gas at hundreds of demonstrators trying to approach the finance ministry in Athens in protest at austerity cuts aimed at reducing Greece's budget deficit, which has ignited Europe-wide fears. "Around 500 people were demonstrating and some of them tried to break through a police cordon guarding the ministry," a police source told AFP. Further clashes erupted outside parliament, an AFP photographer said. Greece is bracing for a wave of strikes and work stoppages in the coming days as talks on a bailout from Europe and the International Monetary Fund come to a head, including a general strike on May 5. Prime Minister George Papandreou meanwhile warned Greece was in "a battle for survival" and would complete talks on getting tens of billions of euros (dollars) from the EU and IMF "in coming days." Related article: Europe debt crisis deepens "We will do whatever it takes to save the country," he said. The bailout is deeply unpopular in Greece because of the harsh conditions that many believe will be imposed on ordinary people. But the government says it needs the money by May 19 in order to avoid a devastating debt default. Investors for their part have given Greece some respite on the financial markets after the EU's commissioner for economic and monetary affairs, Olli Rehn, said the marathon talks with Greece were "about to conclude." New signs that Germany could back the deal also helped global stocks and the euro stabilise after days of losses caused by the demotion of Greek debt to "junk" status and the downgrading of Portugal and Spain's credit ratings. Greek shares jumped 7.14 percent by the close of trading and the interest rate that Greece has to pay to sell new debt fell back to below 10 percent, although yields on a two-year bond were still high at more than 12 percent. US President Barack Obama and German Chancellor Angela Merkel earlier urged action by Greece to control spending as well as international support, as officials warned the Greek drama could spark a wider global conflagration. Greece has asked the EU and IMF to activate a three-year rescue package worth 45 billion euros (60 billion dollars) this year alone as it faces a May 19 deadline to repay nine billion euros in old debts. Germany has balked at has balked at leading Europe's rescue effort, with Merkel facing a key regional election on May 9 and bailing out Greece hugely unpopular in Europe's biggest economy. Greek trade union officials voiced outrage at the conditions for the loans after a meeting with Papandreou, saying the EU and IMF had asked Greece to save 25 billion euros in the next two years in return for the loans. The IMF and the EU have demanded that Greece shave off by next year 10 percentage points from a public deficit that reached 13.6 percent of output in 2009, a top union official said on condition of anonymity. Athens was also asked to get rid of 13th and 14th month bonuses for public sector workers and pensioners and raise the value-added tax, the official said. Ilias Iliopoulos, secretary general of the ADEDY public workers union, said the conditions being demanded for the money constituted "extremely rough measures which go against development and will lead to recession." The unions have called a new general strike for Wednesday in protest. The EU's Rehn, however, insisted that the EU aid would be conditional on "implementing the decisions required at every stage to meet the conditions of fiscal consolidation and structural reforms." French President Nicolas Sarkozy pledged solid backing for Athens. "France is fully determined to support the euro, and to support Greece," Sarkozy told AFP and French newspaper Le Parisien. Related article: ECB chief Trichet urges Germany to lead EU fiscal reform German central bank chief Axel Weber said Greece must be rescued to stop the debt crisis spreading to other parts of the euro area with "extremely negative consequences," Weber told the Bild daily. Weber said the effects of letting Greece default were "incalculable." Following talks with the IMF also on Wednesday, two German lawmakers said the total loans could run up to 120 billion euros over three years. 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