BREAKING NEWS

Greece to hold election on April 29 at earliest

By REUTERS

MARCH 10, 2012 12:02

ATHENS - Greece will hold a parliamentary election on April 29 at the earliest and may not hold the vote until May, a government spokesman said late on Friday, giving Prime Minister Lucas Papademos time to complete a debt deal to avert default.

Greece's private-sector creditors agreed to accept steep cuts in the value of their bond holdings, opening the way for a 130-billion-euro ($170-billion) bailout by the European Union and the International Monetary Fund.

Once a deal has also been agreed on the settlement of a smaller tranche of Greek bonds regulated under international law on April 12, the government's work will be finished, spokesman Pantelis Kapsis told Skai television.

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