George Papaconstantinou, the Greek Finance Minister, said Greece will not need a bailout from the EU to tackle its huge budget deficit and his government is already working on it.

On Tuesday, EU Finance Ministers ordered Greece to arrange new measures for reducing the deficit if the Greek government could not show advance in that issue as of March 16. EU officials also asked for more tightening fiscal policies through increasing taxes and levying new ones, and cutting spending; in addition, they added that they will follow the implementation of these measures in the coming few days when they travel to Athens.