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See more Images of May Follow Reuters Facebook Twitter RSS YouTube Read U.S. deserter in Sweden steps forward after 28 years 17 Jun 2012 Greek leaders seek coalition, want to ease bailout | 12:30pm EDT Google: government requests to censor content "alarming" 8:22am EDT Egypt rivals claim presidency as army tightens grip | 12:13pm EDT Saudi appoints Prince Salman as crown prince 11:48am EDT Discussed 155 Most say Bush to blame for weak U.S. economy, poll finds 122 U.S. deserter in Sweden steps forward after 28 years 117 Joy and anger as Obama relaxes deportation rules Watched Protest over G20 priorities 1:01am EDT Kate mucks in with childrens charity in countryside Sun, Jun 17 2012 Saudi royals mourn the death of Crown Prince Sun, Jun 17 2012 Greek leaders seek coalition, want to ease bailout Tweet Share this Email Print Factbox What Greece's next government hopes to change 7:01am EDT Related News Greek Socialists yet to commit to new coalition 12:04pm EDT Greek election a "positive prospect" for government: Obama 12:03pm EDT Greek party says may back coalition government 8:16am EDT French banks to continue retreat after Greek vote 10:39am EDT Fitch says risk lower of euro exit for Greece 10:48am EDT Analysis & Opinion Hugo Dixon: Euro banking union won’t come fast Counterparties: Greece votes Related Topics World » Greece » Related Video Greek officials back speedy coalition 10:09am EDT Euro crisis watch: ECB holds fire despite Greek turmoil 1 of 4. Greek President Karolos Papoulias (R) welcomes leader of the conservative New Democracy party Antonis Samaras in his office before he receives a mandate to form a government in Athens June 18, 2012. Greece's centre-right New Democracy party will try to form a coalition on Monday to back the country's international bailout after a narrow election victory that eased fears of a sudden exit from the euro. Credit: Reuters/Yorgos Karahalis By Renee Maltezou and George Georgiopoulos ATHENS | Mon Jun 18, 2012 12:30pm EDT ATHENS (Reuters) - Greece's conservative leader pushed on Monday for a new coalition government after a narrow election victory, pledging to soften the debt-laden country's punishing austerity program despite opposition from Germany. A brief relief rally on international financial markets after Sunday's Greek vote quickly fizzled out as it became clear that Antonis Samaras's New Democracy had failed to win a convincing popular mandate to implement the deep spending cuts and tax increases demanded by the European Union and the IMF. Radical left-wing bloc SYRIZA and a host of smaller parties opposed to the punishing conditions attached to the 130 billion euro ($164.12 billion) bailout won around half the votes cast, though fewer seats because the electoral system rewards the first placed party disproportionately. Samaras received a mandate to form a coalition government from the president on Monday, but talks looked set to run into at least Tuesday. He said the country would meet its commitments under a bailout saving the country from bankruptcy and a dramatic exit from the euro zone. But Samaras added: "We will simultaneously have to make some necessary amendments to the bailout agreement, in order to relieve the people of crippling unemployment and huge hardships." Samaras met with SYRIZA's charismatic leader Alexis Tsipras, who ruled out joining the government, and with the third-placed PASOK Socialists, who did not commit. PASOK leader Evangelos Venizelos said negotiations "must be wrapped up" on Tuesday. The small Democratic Left party indicated it would be ready to support Samaras if the bailout deal could be softened. Greece's economy is forecast to contract 5 percent this year after shrinking 7 percent last year. Protests regularly choke the centre of Athens, some hospitals are running short of medicines, thousands of businesses have closed and beggars and rough sleepers are multiplying. During the election campaign, Samaras called for cuts in taxes, hikes in unemployment benefits, pension rises and two more years to meet fiscal targets. But Germany, already irritated at what it sees as the slow pace of Greek reform, ruled out more than minor delays to some targets in the rescue package - Greece's second since 2010. Chancellor Angela Merkel, speaking at a meeting of G20 leaders in Mexico, said any loosening of Greece's agreed reform pledges would be unacceptable and reiterated that Athens had to stick to the commitments it had already made. GERMANY SAYS DEAL "NOT NEGOTIABLE" Samaras voted in 2010 against the first 110 billion euro rescue because he thought it was too harsh. He now says Greece should have until 2016, not 2014, to meet fiscal targets set by under the bailout. Venizelos wants a further year to reform. German Foreign Minister Guido Westerwelle said the substance of the bailout agreement was "not negotiable", but he said creditors might be willing to offer some flexibility on timing for some of the targets, given the time lost in campaigning. "We're ready to talk about the time frame as we can't ignore the lost weeks, and we don't want people to suffer because of that," he told German radio on Monday. There was frustration in Berlin that Samaras had campaigned on a promise to renegotiate the bailout, given the scale of resistance among those stumping up the cash. European Central Bank Executive Board member Joerg Asmussen warned that extending the 2014 deadline for Greece to cut its budget deficit to below three percent of GDP would mean fresh money for Athens. "I can only generally point out that if one is pressing to shift fiscal targets, one should be so honest to also say that as long as a country is running a primary deficit, extending the fiscal targets will automatically mean that there will be an additional external financing need," Asmussen said. With an emboldened SYRIZA bloc led by former communist student leader Tsipras at the head of a powerful opposition, the new government could face protests soon after taking office. SYRIZA almost doubled its share of the vote since a previous election on May 6, which produced stalemate. "CRISIS POSTPONED" A coalition that won only 40 percent of the vote would struggle to push through reforms in the face of deep public resentment of repeated rounds of tax hikes and pay and pension cuts. With nearly 100 percent of ballots counted, New Democracy won 29.7 percent of the vote, ahead of SYRIZA on 27 percent and PASOK on 12.3 percent. With New Democracy's 50-seat bonus for placing first, a theoretical New Democracy-PASOK alliance would have 162 seats in the 300-seat parliament. Adding the Democratic Left would give it a 179-seat majority. At a meeting in Mexico of the Group of 20 world economic powers, dominated by Europe's unabated debt crisis, U.S. President Barack Obama said the Greek result showed a "positive prospect" for the formation of a government that could work well with Greece's international partners. Other observers were less optimistic that the result would do anything more than buy time. "The crisis has been postponed, not necessarily averted," said Theodore Couloumbis, political analyst and vice-president of Athens-based think-tank ELIAMEP. "For this government to last it has to show results. You can't continue with 50 percent youth unemployment and a fifth straight year of recession," he said. Markets were also skeptical. The FTSEurofirst 300 index rose 1.1 percent at the open but shed all those gains before two hours were up, as the underlying problems in the euro zone brought investors back to earth. The euro's rise also evaporated. More worryingly, Italian and Spanish borrowing costs rose strongly with yields on Spain's 10-year bonds at dangerously high levels of over 7 percent and equivalent Italian debt over 6 percent, showing that the euro zone crisis was intensifying. "The result showed people want the euro, but society remains divided. SYRIZA will be a militant opposition, possibly complicating the new government's efforts," a senior New Democracy official said on condition of anonymity. "The new government must deliver a positive development soon - an easing of the bailout terms or a positive sign in the economy - or people will lose trust in a week." ($1 = 0.7921 euros) (Additional reporting by Dina Kyriakidou and Karolina Tagaris in Athens and Gernot Heller in Los Cabos, Mexico, writing by James Mackenzie and Matt Robinson; Editing by Peter Graff and Michael Stott) World Greece Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (4) azereta wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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