Eurozone countries lay down the law on Greek government spending

Eurozone finance ministers have warned Greece it must reign in its public debt or face harsher austerity cuts than it is already planning. Greece is the first country in 11 years of European monetary union to require a political pledge of support because of its massive level of debt. Fears about its ballooning deficit have dented the euro and lifted bond yields, making debt servicing by Athens even more difficult.