A new crisis meeting chaired by Prime Minister Lucas Papademos will be held with auditors of the EU/International Monetary Fund (IMF) lenders and private creditors on Monday, said a press release of the prime minister's office.

A crucial five-hour meeting of the leaders of the three parties backing the Greek interim government ended on Sunday night in Athens with no agreement over the terms of the vital second international aid.

According to the official statement, the political leaders agreed on the necessity to promote measures to reduce public spending by 1.5 percent of GDP in 2012 and policies to ensure the sustainability of auxiliary pension funds.

The statement added that there is consensus to tackle the competitiveness deficit with a package of measures including an agreement on the recapitalization of Greek banks.

Greece is under great pressure to strike a final deal with international creditors to secure a second bailout loans package, along with an agreement with the private sector on the write-down of part of the its debt burden, in time to escape bankruptcy in coming March.

Faced with painful demands by EU/IMF inspectors for further austerity measures and labor market reforms, mass layoffs in the public sector and a dramatic reduction of the income of the average employee in the private sector to slash deficits and boost development, the coalition partners cannot easily accept the draft deal.

"I will not contribute to the explosion of a revolution in Greece due to poverty that could spread across Europe," said George Karatzaferis, the leader of the small rightist Popular Orthodox Rally party, exiting the Premier's office after the meeting.

"They ask for further recession. The country can not stand it anymore. We are struggling to avert it," stressed Antonis Samaras, President of the conservative New Democracy party shortly afterwards.

Former Prime Minister and head of the socialist PASOK party George Papandreou did not make a statement, but convened an extraordinary party meeting for late Sunday to discuss the developments.

PASOK's spokeperson Panos Beglitis told media that leaders face a deadline on Monday to give an initial response to creditors.

Greek Finance Minister Evangelos Venizelos confirmed in statements to the press that Greece is on "knife edge" facing a deadline on Monday to conclude a deal in order to receive the vital multi-billion euro aid in time to repay bonds on March 20.

According to local media reports, there is still no common ground though over the suggestions of inspectors for a further 25 percent lowering of wages in the private sector, an up-to-35 percent reduction of auxiliary pensions and the dismissal of some 150,000 civil servants by 2015 through the merger of public organizations.

The debt-laden eurozone member country relies on rescue loans since 2010 to stave off a financial meltdown.