Greek Prime Minister Lucas Papademos was scrambling to clinch a deal with international creditors over a new bailout package in order to avert a potentially disastrous March default in the country.

The meeting came immediately after the country's party leaders reached an agreement in principle on austerity and reform measures but still remained split on pension cuts during?their lengthy 7.5-hour talks.

Greek Prime Minister Lucas Papademos (2nd R), Socialist PASOK party leader and former Premier George Papandreou (1st R), conservative New Democracy President Antonis Samaras (2nd L) and rightist Popular Orthodox Rally head George Karatzaferis (1st L) attend a meeting of the political leaders of the three parties in the coalition government in Athens, on Feb. 8, 2012. [Xinhua]

The outcome still falls short of the proposals of the "troika" creditors, namely the International Monetary Fund, the European Union and the European Central Bank.

The 130-billion-euro (172.56 billion U.S. dollars) loan, the second of its kind since May 2010, is deemed crucial to escape a bankruptcy that could have major repercussions across the eurozone and global economy.