Greece Fails To Form Coalition Government

Greek politicians have failed in their latest attempt to form a coalition government to deal with the country's economic crisis.

Alexis Tsipras, the leader of Greece's anti-bailout Left Coalition (Syriza) party, has said he will not join a national unity government with socialist leader Evangelos Venizelos.

"It is not the Left Coalition that has refused this proposal, but the Greek people who did so with their vote on Sunday ," Mr Tsipras said.

He added he would not join any government that intended to continue implementing the terms of Greece's international bailout agreement, which he says is too harsh.

Mr Venizelos, who was the last of three party leaders to try to reach an agreement, has said he will hand the mandate back to the country's president on Saturday.

The failure to reach an agreement means that another round of elections may have to take place.

The country's international creditors have warned that whoever emerges to lead the country will be bound by its existing commitments.

Greece's debt crisis has raised the possibility it could default on its debt and be forced out of the eurozone.

Greek journalist Anthee Carassava told Sky News: "Effectively this now goes to the president who steps in and calls in all the political leaders to his office and makes a final attempt to mediate a power sharing deal.

"However, after the emphatic no that we heard from Alexis Tsipras the radical left Syriza party leader, we are seeing Greece bracing for yet another trip to the ballot box."

She added that this could take place on June 17.