Updated - scroll down: NO GREEK DEAL... THEY REFUSE TO MAKE THE NECESSARY CUTS IN WELFARE AND THEIR BUREAUCRACY

Greek PM Lucas Papademos has failed to secure the support of his coalition for a raft of new austerity measures, after more than seven hours of talks. 

He met officials from three parties to try to secure a deal leading to a fresh bailout package. 

The main stumbling block was proposed pension cuts, reports said.

According to unconfirmed reports in the Greek media, the measures were aimed at trimming 3.2bn euros (£2.7bn; $4.2bn):

• Minimum wage to be cut by 22% from 751 euros per month to 600 euros.
• Supplementary pensions to be reduced by 15% but basic pensions also likely to be cut
• 15,000 public sector jobs to go by end of 2012
• But holiday bonuses, known as 13th and 14th month salaries, expected to be saved

THE GREEK RETIREMENT AGE IS 61. AND 14% CAN RETRIED AT AGE 50.

AND THEY ARE REFUSING TO ACCEPT CUTS!?!?

EFF 'EM.

HOW DO YOU SAY "EF 'EM" IN GERMAN?


UPDATE: 
The Greeks SEEM to have gotten the message:

After days of maneuvering, Greek political leaders reached a tentative deal on Thursday on a package of tough austerity measures demanded by Greece’s financial backers in return for the country’s latest bailout.

It's tentative, I think it will collapse like the others. Stay tuned...