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EU monetary boss visiting Greece Greece 'must do more on deficit'
(about 1 hour later)
The European Union (EU) Commissioner for Economic and Monetary Affairs is visiting Greece to discuss the country's cost-cutting efforts. Greece has to do more to reduce its budget deficit, the visiting European Union (EU) Commissioner for Economic and Monetary Affairs has said.
Olli Rehn's visit has increased hopes that Europe may be moving closer to offering Greece a rescue deal, although Germany continues to deny this. "I am asking the Greek government to announce new measures in the coming days," said Olli Rehn after a meeting with the Greek finance minister.
Greece is moving ahead with efforts to trim its vast budget deficit. Greece is moving ahead with efforts to trim its vast budget deficit, as it struggles to sort out its finances.
German chancellor Angela Merkel said again on Sunday that Greece had to sort out its own problems. The Greek government said it would take extra measures "if necessary".
However, she did not comment on reports that German banks may help Greece by buying more Greek government bonds. "The government will do whatever it takes [to cut the deficit]," said Finance Minister George Papaconstantinou.
The EU has asked Greece to report on 16 March on how its budget cuts are progressing, warning that it may force the government to carry out more extensive cuts if those already in place are not shown to be working fast enough.
German support?
Mr Rehn's visit comes after reports suggest German banks may help Greece by buying more Greek government bonds.
Over the weeks ahead Greece must find billions to service its deficit Gavin Hewett, BBC Europe Editor Read Gavin Hewett's blog
However, German chancellor Angela Merkel said again on Sunday that Greece had to sort out its own problems.
"We have a contract which rules out the possibility of bailing out other nations," said Ms Merkel."We have a contract which rules out the possibility of bailing out other nations," said Ms Merkel.
Mr Rehn is due to meet Greek Prime Minister George Papandreou, Finance Minister George Papaconstantinou and other senior government officials. She did not comment on the bond purchase issue.
Pay freezesPay freezes
Greece has pledged to reduce its deficit from 12.7% - more than four times eurozone rules - to 8.7% during 2010.Greece has pledged to reduce its deficit from 12.7% - more than four times eurozone rules - to 8.7% during 2010.
It also also seeking to reduce its 300bn euros ($419bn; £259bn) debt.
Austerity measures the government is now planning to introduce include freezing public sector pay, raising taxes and changing the pension system.Austerity measures the government is now planning to introduce include freezing public sector pay, raising taxes and changing the pension system.
The plans have sparked anger from unions, and a nationwide strike was held last week.The plans have sparked anger from unions, and a nationwide strike was held last week.
Greece has to report back to the EU on 16 March on how its budget cuts are progressing.
The EU has warned that it may force Greece to carry out more extensive cuts if those already in place are not shown to be working fast enough.
Mr Papandreou is due to meet Ms Merkel in Berlin on Friday.