Greece Seeks at Least Two-Year Extension on Bailout

iStockphoto/Thinkstock(NEW YORK) -- A policy document drafted by Greece's governing coalition says the country will seek at least a two-year extension from its creditors for the bailout program, Bloomberg News reports.

A document received in an email from the Greek government on Saturday shows that New Democracy, Pasok and the Democratic Left agree to eliminate plans to cut 150,000 public-sector jobs. It also included proposals to reduce sales tax for bars, restaurants, cafes and the agricultural industry and raise the income tax limit, Bloomberg says.

The New Democracy party won the nation's general election on June 17 on promises to renegotiate parts of the $163 billion bailout from the European Union and International Monetary Fund and keep Greece in the euro. Pasok and the Democratic Left then joined the winning party to form the new government coalition.

Copyright 2012 ABC News Radio

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