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Page last updated at 07:56 GMT, Monday, 18 June 2012 08:56 UK

Greek MP: We are on the verge of a precipice

World leaders have welcomed the narrow election victory of Greece's broadly pro-bailout New Democracy party and urged Athens to form a cabinet quickly.

New Democracy politician Kiriakos Mitsothakis says the party should be able to form a coalition government "in the next couple of days".

He told the Today programme that "elements of the recipe haven't worked" and that Greece needs a couple of years more to reach their fiscal targets or "our country will be torn apart".

"We are on the verge of the precipice, we have no more time, we have no more option, we need to become more competitive," he told John Humphrys.

Dr Michael Fuchs, deputy chairman of the CDU parliamentary group, said the austerity measures in Greece "have to take place and we don't want them to change it" but he said there is a possibility to "reassess them".

He told the programme that Germany may be able to give Greece more time but "we would have to go to our people and explain to them why we need to spend more money."

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