George Papandreou, the Greek Prime Minister is scrutinizing the budget deficit on a daily basis trying to find a loophole or a window to cut the largest debt in the EU as a preparation to reducing deficit by 4.8 billion euros. The government is anticipated to increase taxes on tobacco, alcohol and sales in addition to slashing public workers' bonus payments to cope with the EU's ongoing pressure.

Greece is exerting more effort to cut sovereign debt ahead of Merkel's meeting on March 5. German officials may introduce a plan to provide Greece about 25 billion euros through using German state-owned lenders KfW Group to buy Greek bonds.