European finance ministers on Monday told Greece to prepare tougher spending cuts and new taxes necessary to tackle its debt crisis which shook the eurozone.
The 16 countries that use the euro warned Greece on Monday that it will need to take the extra measures if current cutbacks cannot reduce its huge deficit ? a staggering 12.7 percent of gross domestic product to 8.7 per cent this year.
Greece has until March 16 to report back on its progress.
Eurozone nations have pledged to help Greece if it cannot repay its debts, but want Greece to make big spending cuts first. Eurozone nations fear that a Greek default could lead to a wider European debt crisis, threatening governments ability to borrow money.
