Greece has public deficit of 12.7 % of GDP and debt of about €300 million which is 113% of GDP. European Central Bank (ECB) president Jean-Claude Trichet on Sunday defended measures taken by euro-zone governments to relieve the pressure on Greece saying there was no doubt about the commitment of the Continent's governments to aiding the beleaguered country.

Mr. Trichet also stressed that the E. C. B. is working with the European Commission to ensure that Greece implements the measures it has agreed to take to return its finances to sound footing. "Greece must strengthen the verification of its figures," he said.

The ECB has responsibility for maintaining the value of the euro is mounting pressure on Greece to take even tougher action to contain its debt crisis. He trounced the Greek government for its accounting and pressed importance on monitoring the recovery plan laid by the government.

European officials want Greece to reduce its budget deficit to the euro-zone limit of 3 percent of gross domestic product by 2012 from 12.7 percent of G. D. P. and ECB also wants greater budget cuts than those already offered by Greece. The finance ministers will lay modalities of aid through bilateral loans or guarantees. France and Germany have led the operation to put standby facilities in place.