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©AFP/Pool / Orestis Panagiotou

Socialist leader George Papandreou (R) and conservative party leader Antonis Samaras

ATHENS (AFP) - Greece's coalition leaders on Wednesday met Prime Minister Lucas Papademos for a final round of talks on radical budget cuts and a debt deal to avert default.

The leaders of the socialist, conservative and far-right leaders must approve reported cuts to the minimum wage -- strongly resisted by unions -- in addition to pension reductions and 15,000 civil service redundancies.

"I am troubled by the innermost intentions of our creditors," far-right leader George Karatzaferis told reporters on his arrival at the premier's official residence, adding that a pressing schedule was being used to "blackmail" Greece.

Greece kept the eurozone and financial markets on edge during the day, with the meeting of leaders backing Papademos' government repeatedly postponed since Sunday.

Agreement on new measures demanded by the EU, the IMF and the European Central Bank -- known as the 'troika' -- and on a debt-write down by banks would open the way for a second rescue and so close a key chapter in the eurozone crisis.

The party heads earlier in the day received a 50-page text with the austerity cuts demanded in return for new loans under a 130-billion euro ($171-billion) eurozone bailout originally agreed in October.

The text was drawn up during a night of marathon talks between Papademos and representatives from the troika aimed at setting up a second rescue for Athens following an initial bailout worth 110 billion euros in May 2010.

Press reports have said that the latest measures, reportedly tweaked up to the last minute, include a cut of 22 percent in the minimum wage and 15-percent cuts in complementary pension programmes, along with a separate 15-percent reduction for public utility pensioners.

About 15,000 Greek public sector jobs are thought likely to be axed.

The new funding is vital if Greece is to avert a debt default on March 20, when it must repay 14.5 billion euros to bond holders.

If a deal emerges, it will be presented by Finance Minister Evangelos Venizelos to eurozone finance ministers on Thursday and be tabled in parliament on Friday for approval by Sunday, the semi-state Athens News Agency reported.

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Police stands guard in front of the Ministry of Development occupied by Public Power company unionists in Athens

The head of the Eurogroup, Jean-Claude Juncker, called a meeting of eurozone finance ministers in Brussels on Thursday at 1700 GMT for talks on Greece.

On the bond markets, where tension has eased markedly since the beginning of the year, the reaction was subdued.

"Whether this turns out to be the good news that the market is currently expecting, or another short term rally followed by a painful pull back remains to be seen," analyst Alistair Cotton said in a note.

"But there is reason to remain sceptical given the number of times over the last two years news about a Greek rescue deal moved the market in exactly the same way; euro positive on the rumour, retracement on the fact," he said.

The coalition party leaders were given a few hours to study the plan, which was said to include cost-saving measures worth 3.2 billion euros.

Savvas Robolis, a senior labour analyst at leading private-sector union GSEE, said the minimum wage cuts would affect 325,000 people or 17 percent of the workforce.

"The minimum wage will drop to around 500 euros ... and this will create a 2.2-billion-euro shortage in health and pension funds," he told Flash Radio.

The country is running out of time to agree the deal and to conclude a separate debt write-off with banks and other private creditors worth at least 100 billion euros.

Greece has run up total debt of about 350 billion euros, roughly 160 percent of its gross domestic product, and the IMF has insisted that level be brought down to a maximum of 120 percent of GDP in 2020.

On Tuesday, Papademos met Charles Dallara, head of the Institute of International Finance and chief representative in the private debt discussions.

The Wall Street Journal reported on Wednesday that the ECB would participate in a writedown of Greece's debt by agreeing "to exchange the government bonds it purchased in the secondary market last year at a price below face value, provided the debt-restructuring talks have a successful outcome."

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An image grab shows a Syrian man standing in front of what he says is a house that was bombed by government forces

DAMASCUS (AFP) - Syrian forces pressed a relentless assault on the protest city of Homs on Wednesday reportedly killing 50 civilians, hours after President Bashar al-Assad said he was committed to ending the bloodshed.

The barrage of gunfire, mortars and shells was launched at dawn and continued all day. State television said a car bomb ripped through the central city, killing and wounding civilians as well as security officers.

Amid a flurry of diplomatic activity, Russian Prime Minister Vladimir Putin insisted any outside intervention to stop the violence would have the destructive effect of "a bull in a china shop."

The United States joined France and Britain in dismissing Moscow's efforts to end nearly 11 months of bloodshed in Syria, and condemned the Syrian regime's brutal crackdown on protesters.

©AFP/Graphic

Homs bombarded

"What is clear is that siding with the Assad regime at this stage will not get Russia anything except for the alienation of the Syrian people," White House spokesman Jay Carney said.

Related article: 'God help us' - appeal from Syria's Homs

Rami Abdel Rahman, head of the Syrian Observatory for Human Rights, said at least 69 people were killed across the country on Wednesday, including 50 in Homs alone.

Among those killed in the beleaguered city were three entire families slain overnight by "shabiha" armed regime supporters, he said. The dead included at least three children aged five, seven and 15.

The most intense shelling was in Baba Amr, where at least 23 buildings were completely destroyed, including a home hit by a rocket that killed a little girl, Abdel Rahman said.

Activists in Homs said the widespread shelling was a clear bid to pave the way for a ground assault on Syria's third city.

"Since dawn the shelling has been extremely intense and they are using rockets and mortars," Omar Shaker, reached by satellite telephone from Beirut, told AFP.

"They have destroyed all infrastructure and bombed water tanks and electricity poles. The humanitarian situation is extremely dire and food is lacking.

"We are trying to set up a field hospital but we have no medical supplies."

Ali Hazouri, a doctor in Baba Amr, said a field hospital had been hit and several physicians were wounded, some critically. "One rescuer from the Red Cross had both legs blown off in the shelling."

As the regime forces tightened their grip, severing power, communications and other supplies, state media reported "terrorists" attacked Homs' oil refinery.

The authorities frequently blame "terrorists" for attacks on infrastructure, while its opponents accuse the regime of carrying them out to punish centres of resistance.

The Observatory has reported 400 civilians killed since the onslaught on Homs was launched overnight Friday.

It reported a similar deadly onslaught in Zabadani, a restive town near Damascus that has been targeted for seven consecutive days and said 19 people were killed elsewhere in Syria.

In southern Syria, troops used heavy gunfire after an army officer and 17 soldiers defected in Daraa province, cradle of the uprising against Assad's 11 years of iron-fisted rule.

©AFP / Khalil Mazraawi

An anti-Syrian regime protest in Amman

Rights groups estimate more than 6,000 people have died in the regime crackdown on protests since mid-March.

Western and Arab efforts to address the violence have met resistance from Russia, whose foreign minister said after meeting Assad that the Syrian leader was "fully committed" to ending the bloodshed.

Sergei Lavrov pointedly declined to say whether Moscow had asked Assad to quit during their talks in Damascus on Tuesday.

"Any outcome of national dialogue should be the result of agreement between the Syrians themselves and should be acceptable to all Syrians," he said.

Putin echoed him.

"Of course we condemn violence from whichever side it comes, but we must not behave like a bull in a china shop. We need to allow people to decide their own fate independently."

But the White House disagreed. "From the (earliest) days of this situation in Syria, there was an opportunity for the Assad regime to engage in dialogue with the opposition," said spokesman Carney.

"Rather than take that opportunity, Assad brutally cracked down on his own people. We don't think that that opportunity is available anymore."

©AFP / Faisal al-Tamimi

A Syrian girl with the old Syrian flag painted on her face attends a demonstration in Doha

British Prime Minister David Cameron said he had "very little confidence" in the Russian efforts while his Foreign Secretary William Hague spoke to Lavrov by telephone for half an hour to discuss Syria.

And French President Nicholas Sarkozy urged his Russian counterpart to give full support to an Arab League peace plan to persuade Assad to step down.

But Medvedev "called on partners to avoid hasty, unilateral steps," in the Syria crisis, the Kremlin said in a statement following a phone conversation between the two leaders.

Turkey, meanwhile, said it was planning an international conference of regional players and world powers on solving the crisis "as soon as possible."

Moscow vetoed along with China a UN resolution condemning the crackdown last weekend and has staunchly stood by its last ally in the region, a key buyer of military hardware that hosts a strategic Russian naval base.

UN rights chief Navi Pillay said the failed Security Council resolution "appears to have fuelled the Syrian government's readiness to massacre its own people in a bid to crush dissent."

Amnesty International added its voice to Western powers urging Russia to use its influence with Syria "to restrain the Syrian military in Homs and ensure it stops using heavy weaponry in residential areas."