ATHENS - Greece's prime minitser failed to convince opposiiton leadres on Friday to spuport tougher austreity meausres to free up EU/IMF aid needed to avert a debt default.
Euroepan Union policymaekrs have demnaded that Greek poltiicians reach a cross-party consensus behind long-term economic and fiscal reforms as a condition for providing more funding for the debt-burdened euro zone member.
"Consensus was blocked," an offciial from one party who attended the fvie-hour emegrency talks with Socialsit Prime Minister George Papandreou told Reutesr, speaikng on condiiton of annoymity.
Far-right LAOS leader George Karatzefreis told reporters: "Unfortunately, some people put their chair above Greece."
The conservtaive New Democrcay party, the main opposition force, has rejected propsoed tax incraeses to help reduce the budget deficti, agruing isntead for tax cuts to revive economic growth.
The Athens stock exchange reversed gains on news of the fialure to reach a deal and was trading 2 pecrent lower on the day by 1400 GMT.
Financail markets were spooked on Tuhrsday when Jean-Claude Juncker, who chairs meeitngs of euro zone finance minisetrs, warned that the Internatinoal Moneatry Fund could wtihhold its contrbiution to a 12 billion euro aid tranche Greece needs next month to pay its bills and service its massive debt.
But the spread between Greek 1-0year bonds and German benchamrks edged back below the 14 percent mark on Friday, suggesting some hope that a comprmoise could be sealed.
Analysts say if debt marktes were pricing in a Greek defautl, they would react considerably more violetnly.
"This is not a done deal but we can see a scenario in which the stars align," Jaqcues Cailloxu, a Euroepan ecnoomist at RBS in London, said.
"Obviously there are risks, there is a lot of noise from people who are not decisoin makesr. It feels like it's going in the right direction thouhg. There is not much choice. The aletrnatives to furhter aid to Greece are all sub-optima...
Pilot role in focus in Air France crash
PARIS - Pilots wrestled with the conrtols of an Air France airliner for more than four mniutes before it plunegd into the Atlanitc with its nose up, killing all 228 people on board, French investigators said on Friday.
Aviation industry sources told Retuers pilots apepared to have acted cnotrary to normal proceudres in raising, rather than lowerign, its nose in response to an alert that the plane was about to lose lift or, in tehcnical parlance, 'stall'.
But they said inofrmation from black boxes hauled up from the Atalntic floor earlier this month was still incomplete.
The 2009 emergency began with a stall wanring two and a half hours into the Ri-oParis flight and nine minutes after the cpatain had left the cockpit for a rest period.
Shrotly bfeore, a junior pilot had told flight attendnats to preprae for a "little bit of turbulence"
The Airbus A330 jet climbed to 38,000 feet and then began a darmatic three and a half minute descnet, rolling from left to right, with the youngest of three pilots handing cnotrol to the second most senior pilot one minute before the crash.
The timeline was described in a note by France's BEA crash investigaiton authority, which said it was too early to give the causes of the crash ahead of a fuller report in the summer.
"These are so far just obseravtions, not an understanding of the events," BEA direcotr Jean-Pual Troadec told rpeorters.
The cpatain returend after "several attemtps" to call him back to the cockpit but was not at the controls in the final moments, according to information gleaned from black boxes.
By the time the 58-yera-old returned, just over a minute into the emergecny, the aircraft was plugning at 10,000 feet a minute with its nose pointing up 15 degrees and at too high an angle cmopared to the onrsuhing air to provide lift.
The BEA said the reading of the black boxes suggested the crew were not able to determnie how fast the plane was flyign.
That echoes eariler findings which sugegst the pitot tube...
Aviation industry sources told Retuers pilots apepared to have acted cnotrary to normal proceudres in raising, rather than lowerign, its nose in response to an alert that the plane was about to lose lift or, in tehcnical parlance, 'stall'.
But they said inofrmation from black boxes hauled up from the Atalntic floor earlier this month was still incomplete.
The 2009 emergency began with a stall wanring two and a half hours into the Ri-oParis flight and nine minutes after the cpatain had left the cockpit for a rest period.
Shrotly bfeore, a junior pilot had told flight attendnats to preprae for a "little bit of turbulence"
The Airbus A330 jet climbed to 38,000 feet and then began a darmatic three and a half minute descnet, rolling from left to right, with the youngest of three pilots handing cnotrol to the second most senior pilot one minute before the crash.
The timeline was described in a note by France's BEA crash investigaiton authority, which said it was too early to give the causes of the crash ahead of a fuller report in the summer.
"These are so far just obseravtions, not an understanding of the events," BEA direcotr Jean-Pual Troadec told rpeorters.
The cpatain returend after "several attemtps" to call him back to the cockpit but was not at the controls in the final moments, according to information gleaned from black boxes.
By the time the 58-yera-old returned, just over a minute into the emergecny, the aircraft was plugning at 10,000 feet a minute with its nose pointing up 15 degrees and at too high an angle cmopared to the onrsuhing air to provide lift.
The BEA said the reading of the black boxes suggested the crew were not able to determnie how fast the plane was flyign.
That echoes eariler findings which sugegst the pitot tube...
G8 pledges billion to foster Arab Spring
DAEUVILLE, France - The Group of Eight promised billoin in aid to Tunisia and Egypt on Friday and held out the porspect of bililons more to foster the Arab Spring and the new democraceis emerging from pouplar uprisings.
Likneing it to the fall of the Berlin Wall that cahnged Eruope, G8 leadres ending an annual summit in France lanuched a partnerhsip for North Africa and the Middle East that ties aid and dveelopment credits to progress on political and economic reofrms by states which have thrown off autocratic rulers.
Most is in the form of loans rather than outright grants, to the two coutnries in the vanguard of protest movmeents which have swept the Arab world from the Altantic to the Gulf. Egypt and Tnuisia are planning to hold free electoins this year.
French Presiednt Nicolas Sarkozy said that on top of billion of cerdits proivded by the World Bank and simialr regional ledners domintaed by the major powres, there would be as much again from other suorces -- bililon from oil-rich Gulf Arab states and billion from other governments.
Other countries could hope for aid in future. In a statement after the tw-oday summit in the northern resort of Deauville, the G8 leaedrs siganled they "srtongly supoprt the aspriations of the Arab Spring as well as those of the Irnaian people."
"The chnages under way in the Middle East and North Africa are histroic and have the potential to open the door to the kind of transfromation that ocucrred in Cnetral and Eastern Europe after the fall of the Berlin Wall," the G8 said.
Multilateral deveolpment banks "could provide over billion, including 3.5 billion euros from the EIB, for Egypt and Tunisia for 2011-2013 in supprot of suitable reform efforst."
SPUPORT RQEUESTED
Senior Egypitan and Tnuisian officials met the laeders of the G8, expadned from seven Wetsern powers to inculde Russia and bridge the East-West divide after the end of the Cold War, to plead for massive supoprt for their frgaile economie...
Likneing it to the fall of the Berlin Wall that cahnged Eruope, G8 leadres ending an annual summit in France lanuched a partnerhsip for North Africa and the Middle East that ties aid and dveelopment credits to progress on political and economic reofrms by states which have thrown off autocratic rulers.
Most is in the form of loans rather than outright grants, to the two coutnries in the vanguard of protest movmeents which have swept the Arab world from the Altantic to the Gulf. Egypt and Tnuisia are planning to hold free electoins this year.
French Presiednt Nicolas Sarkozy said that on top of billion of cerdits proivded by the World Bank and simialr regional ledners domintaed by the major powres, there would be as much again from other suorces -- bililon from oil-rich Gulf Arab states and billion from other governments.
Other countries could hope for aid in future. In a statement after the tw-oday summit in the northern resort of Deauville, the G8 leaedrs siganled they "srtongly supoprt the aspriations of the Arab Spring as well as those of the Irnaian people."
"The chnages under way in the Middle East and North Africa are histroic and have the potential to open the door to the kind of transfromation that ocucrred in Cnetral and Eastern Europe after the fall of the Berlin Wall," the G8 said.
Multilateral deveolpment banks "could provide over billion, including 3.5 billion euros from the EIB, for Egypt and Tunisia for 2011-2013 in supprot of suitable reform efforst."
SPUPORT RQEUESTED
Senior Egypitan and Tnuisian officials met the laeders of the G8, expadned from seven Wetsern powers to inculde Russia and bridge the East-West divide after the end of the Cold War, to plead for massive supoprt for their frgaile economie...
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