Greek leaders Thursday failed to strike a deal with private creditors on cuts to pensions ahead of crucial talks with other eurozone countries, as the country scrambles to meet the requirements for a new bailout.

Before heading to Brussels for a meeting with his eurozone counterparts on Thursday, Finance Minister Evangelos Venizelos said he still had hope that the group "will take a positive decision concerning the new aid plan."

Talks lasting over seven hours stalled after leaders of the three parties backing Greece's coalition government approved some new austerity measures, but failed to agree on 300 million euros ($398 million) of cuts to pensions demanded by creditors.

The marathon coalition talks began Monday and broke up in the early hours of Thursday.

Venizelos pleaded with coalition leaders to quickly resolve their differences, warning Greece's survival in the coming years depends on a bailout and debt relief agreement with private creditors.

"It will determine whether the country remains in the eurozone or whether its place in Europe will be endangered", he said.

Greece's politicians must come to a deal to reduce the country's deficit before they receive more emergency cash funding from the European Union and the International Monetary Fund. The bailout is vital to prevent Athens from defaulting on 14.5 billion euros ($19.2 billion) of payments to bond holders due in March.

Global markets are keeping a close eye on Greece amid fears a failure to meet its debt obligations could create a domino effect that could undermine the entire eurozone.

The meeting of the Eurogroup, comprising the finance ministers of the 17 countries that use the euro currency, begins Thursday evening.

jw/acb (AFP, AP, Reuters)