President Karolos Papoulias to bid for coalition government

Greece will either has to form a coalition government or have to hold another election early next month, raising concerns that the political turmoil in the country may affect the financial aid package.Three  largest political outfits are winners in the election took turns to negotiate forming a coalition, but all failed due to disagreements over austerity measures.President of Greece called meeting on Sunday with political parties leaders pursuing to form coalition government in lieu of  threatening voices for the country's euro membership calls from Euro members .Karolos Papoulias met  with the chief of conservative New Democracy, radical left Syriza and socialist PASOK parties, then continuing with individual discussions with the leaders of smaller parties with parliamentary seats, including the head of the extremist right-wing party Golden Dawn.
Syriza, led by Alexis Tsipras, made big gains to come in second place after campaigning on an anti-bailout platform.Tsipras insists any new government must cancel the austerity measures as he argues the terms are so onerous that they are giving the country's battered economy no chance of recovery.Samaras and Venizelos may join forces with the Democratic Left party of Fotis Kouvelis and form a governing coalition, but all three have insisted they cannot do so without the support of Syriz. "The Greek people didn't just send us a message, they gave us a mandate," Samaras said as he arrived for the meeting with the president. "A mandate of cooperation for all of us to change policy, but also to remain in the euro."

 Political turmoil has alarmed Greece's international creditors, persist country must stick to the terms of its rescue deals  to continue receiving the funds. Leader of the third-placed PASOK and former finance minister Evangelos Venizelos, met President Karolos Papoulias on Saturday afternoon to return the mandate to him. Papoulias is expected to gather all party leaders early next week in a last-minute bid to discuss ways to launch a coalition government.

  The political  parties are not expected to reach a compromise even through mediation by the president.
The opposition parties refuse to cooperate with the outgoing ruling parties that are pushing for austerity measures in return for additional bailout funds from the European Union and the International Monetary Fund. Thus Speculation is mounting that Greece will have to hold another election early next month,
Media agencies