In order to fight the financial crisis, Greece will take new austerity measures ranging from cutting civil salaries to increasing consumer taxes. A summary of some of these key fiscal measures can be found here [1].

According to the Associated Press article [2], Prime Minister George Papandreou explained that the country must get back on its own feet with the help of the market and the EU: "Now, it is the time of Europe."

Greece will however turn to the International Monetary Fund [3] (IMF) as a last resort if the cost of borrowing for the country is not brought down with the collaboration of European counterparts such as France and Germany.

Already high unemployment rates in Greece might further be affected by these measures that are also likely to cut back on consumer spending.