Greek opposition: No new austerity

 The main Greek opposition leader is refusing to back additional austerity measures, designed to tackle the country's debt crisis. The New Democracy Party says the changes would only deepen the current recession, despite the European Union's insistence on multi-faceted support.

Top EU finance officials are arguing that Greece needs all of its political groups to back the latest debt-cutting plans, in order to ensure smooth implementation.

They also stress the importance of the Greek opposition's support for receiving the next installment of the bailout due in late June.

Greek Prime Minister George Papandreou has met with the heads of competing factions to seek consensus, a day after the country announced extra measures to shrink its budget deficit.

But he's being rebuffed by the main opposition New Democracy Party.The party's leader argues the austerity measures will only bring further recession.

Antonis Samaras, Leader of Greek New Democracy Party, said, "If there is no reduction of taxes, together with a reduction of state waste and bold privatizations there will not be a jumpstart to the economy. The society wishes for consensus on whatever is beneficial, but not to anything that will harm the country."

The only head from one of the nation's four main opposition groups to show consensus was the Right Wing Party's leader.

Officials in Athens unveiled a series of privatizations on Monday, part of a goal to raise 50 billion euros by 2015, to pay down a mountain of debt. The scheme starts with divestments in several state firms.

Inspectors are currently reviewing the success and pace of the reforms.

The country's Finance Minister has warned that Greece faces default without the next installment of the bailout.

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