Greek bailout talks falter

Compromise doesn’t seem close; more talks set for Monday.

BRUSSELS — Talks between Greece and its creditors in the 19-country eurozone broke down overnight without agreement.

Following an emergency meeting in Brussels, the two sides failed to even issue a statement early today, a sign that a compromise deal over Greece’s debts is a long way off.

Greece’s new government is seeking changes to the country’s financial bailout, which it blames in large part for the country’s economic problems.

The finance ministers will meet again Monday and Greece’s finance minister, Yanis Varoufakis, laid out the hope that progress could be made then.

Jeroen Dijsselbloem, the head of the eurogroup of finance ministers, said detailed proposals weren’t even discussed.

Dijsselbloem said the “ambition was to agree to steps but unfortunately we have not been able to do that.”

Greece and its partners had dug in for tough talks Wednesday as the country’s finance minister unveiled the new Greek government’s first concrete proposals on how to lighten its bailout program.

The emergency meeting of the single currency zone’s finance ministers is the first since the radical-left Syriza party won the general election in Greece last month on a pledge to drastically reduce the burden of the country’s bailout and the associated budget austerity measures.

Popular support for a change of course is strong in Greece, with thousands taking to the streets across the country Wednesday to give their backing to the government. Greek police say about 15,000 people attended a rally in Athens’ central Syntagma Square. Another 5,000 gathered in the northern city of Thessaloniki.

Smaller similar anti-austerity demonstrations were held in London and Nicosia, and were planned in other European cities and even in New York. “Let Greece Breathe” was one banner on display in London.

While acknowledging the need to listen to the proposals from Greece’s finance minister, top eurozone officials had played down expectations of a quick deal.

Since winning the Greek general election last month, the Greek government has outlined its broad ambition but it has still to present concrete proposals. Varoufakis has said he wants to scrap Greece’s current bailout program and agree on a new one. That would take time, though, and Greece’s current bailout program ends after Feb. 28.

Without the bailout’s financial support, Greece faces bankruptcy — and a possible exit from the eurozone, a development that could further damage Greece’s economy at least in the short-term, and throw global financial markets into turmoil.

Varoufakis has suggested Greece be granted a “bridging loan” to tide it over for a few months. In return, Greece would commit to further reforms, particularly on how to deal with the country’s notoriously inefficient tax system.

“I’m confident we are going to have a very constructive meeting,” Varoufakis said earlier.

So far, eurozone officials have yet to embrace the idea of a new bailout deal despite acknowledging the economic problems in Greece. Though Greece’s recession recently ended, the economy is around 25 percent smaller than it was and unemployment has ballooned, particularly among the young.

Popular support for a change of course is strong in Greece, with thousands taking to the streets Wednesday to give their backing to the government.

Pro-government protesters gather Wednesday in front of Greece’s parliament to back its demands of a bailout debt renegotiation. The protests held in Athens and several other European cities occurred as the new Greek government presented its proposals...