Greece has been warned by European finance ministers that it must make further cuts to spending and public sector wages or face more sanctions. A joint statement from the 16 eurozone nations it said Greece needed to get its debt under control and calm "irrational" financial markets.
Last week, the European Union vowed to help Greece if needed. But the idea of bailing out a euro nation has been badly received, prompting a harsher stance.
Greece's woes have sent the value of the euro down to a nine-month low recently.
Now the country has been told that further measures will be imposed if its debt reduction plans are not on target by 16 March. |