Greece has 30 days to come up with more deficit-control measures if needed.
Finance ministers from the euro zone countries meeting in Brussels have urged Athens to announcethe additional steps by mid-March.
The ministers last week pledged to defend Greece if debt market pressures spin out of control.
Jean-Claude Juncker, Luxembourg’s prime minister and chairman of the finance ministers’ meeting said: “Personally I think Greece will do all that is necessary. I think the markets are completely wrong to continue to attack Greece since it has engaged itself to take all the measures necessary.”
Greece is the first country in eleven years of European monetary union to require a pledge of support over its bloated debt and the danger it poses for the Euro.
Sergio Cantone of Euronews had this report from Brussels:
“The wait and see approach of the Eurogroup on the adoption of rescue measures for Greek finances could expose Greece to the fury of the markets. However, it is the result of a compromise formula among countries such as Germany, the Netherlands and Finland who wanted the toughest austerity measures to be taken by Greece – and the other countries such as France, Italy and Spain who wanted a more open approach on the Hellenic demands,” he said.
Greece warned to speed up debt reduction measures