EXCERPTS:
"BRUSSELS—European finance ministers Tuesday stood firm in their position that Greece must work to narrow its budget gap before they would discuss aid to the country, while Greek workers launched strikes and protests against government austerity plans.
"The ministers endorsed a decision Monday by members of the euro zone that Greece be given until March 16 to show progress toward a goal of slicing the equivalent of four percentage points of gross domestic product from its budget deficit this year. Last year's budget shortfall was around 13% of GDP. The EU limit, which Greece has observed just once in the past decade, is 3%.
If Athens doesn't show enough progress by March 16, the EU will demand specific changes, such as new taxes on luxury products, such as expensive cars. The new deadline is tight. Greece must go to international markets for fresh borrowing in April."
