The EU's financial affairs chief Olli Rehn answers questions during a press conference in Athens, Monday, March 1, 2010. Rehn pressed Greece hard to make more painful budget cuts soon, but refused to comment on reports that the bloc or heavyweights France and Germany are preparing a financial lifeline to get the country out of its debt crisis.
(AP Photo/Dimitri Messinis)
Greek FM: New austerity measures to be announced
The EU's financial affairs chief Olli Rehn answers questions during a press conference in Athens, Monday, March 1, 2010. Rehn pressed Greece hard to make more painful budget cuts soon, but refused to comment on reports that the bloc or heavyweights France and Germany are preparing a financial lifeline to get the country out of its debt crisis.
(AP Photo/Dimitri Messinis)
ATHENS, Greece—Greece's finance minister says the government will announce new austerity measures on Wednesday and expects an 'immediate' assessment of the cuts from the European Union.
An EU endorsement of the austerity measures could help calm jittery markets and bring down the cost of borrowing for Greece ahead of a planned bond sale.
Finance Minister George Papaconstantinou told the Associated Press that Greece expects EU reaction to be "immediate, within the day."
The EU's finance chief, Olli Rehn, said Monday that Greece must make additional cuts soon in order to ease its acute financial crisis.
Prime Minister George Papandreou says Greece must be able to borrow money on terms similar to other European Union countries or the results will be "worse than catastrophic."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
ATHENS, Greece (AP) -- Greece's finance minister says the government will announce new austerity measures on Wednesday and expects an 'immediate' assessment of the cuts from the European Union.
An EU endorsement of the austerity measures could help calm jittery markets and bring down the cost of borrowing for Greece ahead of a planned bond sale.
Finance Minister George Papaconstantinou told the Associated Press that Greece expects EU reaction to be "immediate, within the day."
The EU's finance chief, Olli Rehn, said Monday that Greece must make additional cuts soon in order to ease its acute financial crisis.
Prime Minister George Papandreou says Greece must be able to borrow money on terms similar to other European Union countries or the results will be "worse than catastrophic."
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