Getting your player ready...
BRUSSELS — European finance ministers bluntly told Greece on Monday to prepare even tougher spending cuts and new taxes, including a tax on luxury goods and cars, to fix its debt crisis.
The 16 countries that use the euro warn that Greece will need to take the extra measures if current cutbacks don’t bring its massive deficit down from 12.7 percent of economic output to 8.7 percent this year.
Greece has until March 16 to report back on its progress.
Euro-zone nations have pledged to help Greece if it can’t repay its debts — but want Greece to make big spending cuts first. They are taking action because fears of a Greek default have threatened to spark a wider European debt crisis, undermining the euro.
