(VOVworld) The negotiation between Greece and representatives of the international donors – the European Commission, the European Central Bank, and the International Monetary Fund - hit an impasse.

Greek Prime Minister Lucas Papademos. Photo: Internet

Involved parties on Sunday couldn’t reach an agreement on all requirements for the second bailout for Greece expected to total around 130 billion Euros. The troika sent an ultimatum for Athen to give proper response to the financial aid on Monday morning. Major disagreements situate around the additional requirements for Greece’s austerity to reduce private – sector waves, and retirement allowance.

After the negotiation with the troika, Greek Prime Minister Lucas Papademos said political leaders agreed on some of the basic points of the international lenders’ demands, including spending cuts equal to 1.5% of gross domestic product in 2012. If Greece’s negotiations with the troika and private creditors on reducing 70% of the 350 billion Euros debt, the country will face a bankruptcy as it has to pay 14.4 billion Euros on March 20^th. Meanwhile, Greek Trade Union announced to launch a nationwide strike on Tuesday if the government signs a deal with the troika on the bailout requirements.