EU Urges New Greek Cuts - by Ingrid Melander and Harry Papachristou

The European Union urged Greece on Monday to agree additional austerity measures within days to tackle a fiscal crisis that has shaken the euro zone and promised to help Athens overcome its debt problems.

EU Economic and Monetary Affairs Commissioner Olli Rehn said after a day of talks with Greek leaders that financial markets would be convinced the country will meet its deficit-reduction targets once they saw precise new measures.

Hours after Rehn's comments, the office of Greek Prime Minister George Papandreou announced a cabinet meeting for Wednesday to "take decisions about the economy."No further details about the meeting were provided, but the announcement appeared to signal that Athens is poised to take new savings measures in the hopes of winning EU support, most likely in the form of guaranteed debt purchases.

For the complete report: EU Urges New Greek Cuts - ABC News