ATHENS, Greece, Feb. 27 (UPI) -- Prime Minister George Papandreou says Greece faces deep spending cuts to repair its finances and to ease international concern over its debt crisis.
"We must do whatever we can now to address the immediate dangers today," Papandreou told his parliament Friday. "Tomorrow it will be too late and the consequences will be much more dire."
European and international markets have suffered because of fears Greece could become the first euro-zone country to default on its debts, The Wall Street Journal reported Saturday.
Papandreou met Friday with Deutsche Bank AG chief executive Josef Ackermann to discuss possible bail-out scenarios, with financially stronger countries, such as Germany and France, considering whether to aid Greece, the Journal reported.
Greece has said its funding needs are met through mid-March but it will need to seek its second international bond issue this year to refinance about $27 billion in European debt that matures in April and May.
