Greek conservative leader insists on snap election

ASSOCIATED PRESS

ATHENS: The leader of Greece's main conservative party says the country must hold a snap election once the bond swap called for in a deal with Greece's private creditors is completed.

Antonis Samaras, leader of New Democracy, says his party would ask for parliament to be dissolved and would not agree to the extension of the mandate of the coalition government. Elections are normally due in October 2013.

Samaras has told his lawmakers that they must vote for legislation on more austerity measures so that Greece can get a new bailout deal worth euro130 billion ($171.6 billion) and, at the same time, reduce its debt burden by about euro100 billioin through the swap deal with private creditors.

Debate on the legislation and a debt-swapping deal with private creditors begins Saturday. A plenary session will debate and vote on it Sunday.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ATHENS, Greece (AP) — Lawmakers from two parties backing Greece's coalition government are meeting to consider support for legislation containing new austerity measures in the wake of six resignations from the cabinet and the withdrawal of a small right-wing party from the coalition.

Socialist leader George Papandreou has urged his deputies to back the legislation, saying that this is the only real option for the country, which, he says, faces disaster if a new bailout deal worth euro130 billion ($171.6 billion) falls through.

Conservative lawmakers have just started their meeting.

Debate on the legislation and a debt-swapping deal with private creditors begins Saturday. A plenary session will debate and vote on it Sunday in the face of planned protests.