Prime Minister Lucas Papademos in November last year. (Wikimedia Commons)

In what's becoming a regular occurrence for the beleaguered country, talks closed Sunday night without settling on the EU rescue plan that would offer  130 billion euros.

According to the BBC, that money must find its way to Athens somehow before mid-March for Greece to avoid default.

From Sunday's report:

Eurozone ministers had hoped to meet on Monday to finalise the bailout - Greece's second - but that meeting had already been cancelled.

"Political leaders should give a response in principle tomorrow [Monday] afternoon," Socialist Party (Pasok) spokesman Panos Beglitis told Reuters news agency.

The leaders of the other two parties in the coalition said after the end of Sunday's talks that they were still opposed to further austerity measures.

"I am not going to contribute to a revolution that will humiliate us and that will burn Europe", said Giorgos Karatzaferis, leader of the far-right Laos party.

Antonis Samaras, leader of the conservative New Democracy party, said the country was "being asked for more austerity, which it is unable to bear," AFP reports.

Prime Minister Lucas Papademos' office said party leaders were able to agree on reducing public spending by 1.5 percent of gross domestic product, as well as on bank recapitalization. Greece's leaders can't seem to find a compromise on cuts to minimum wage or holiday bonuses, though.

The public has voiced its rejection of the austerity measures, but eurozone officials have said unless Greece takes those measures and carries out serious reforms, the country will not be able to restructure as planned.

Greece had prepared a plan to cut debt from 160 percent of GDP to 120 in 2020, but that seems a distant dream unless leaders can finally agree on these measures.

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