Greek coalition party won't back austerity: report (by MarketWatch)

FRANKFURT (MarketWatch) -- The leader of Greece's nationalist LAOS party, a junior member of the country's coalition government, said Friday the party won't back new austerity measures demanded by the euro zone in return for a second bailout package, the Associated Press reported. George Karatzaferis said he would vote against the proposal, which is expected to face a parliamentary vote on Sunday, the report said. LAOS has 16 parliamentary members, AP said. The three-party coalition government holds 252 of the parliament's 300 seats. Euro-zone finance ministers demanded late Thursday that Greece's parliament approve a controversial austerity package by next week in order to receive a 130 billion euro ($172 billion) bailout seen as crucial for Greece to avoid a default by mid-March.