EU members want Greece to show sincerity and go the extra mile to put the deficits in order before the elite group of 16 members that uses the common currency - Euro, lends a helping hand to the debt stricken economy.

The ministers told Greek authorities to undertake more deficit measures by March 16. Greece has pledged to slash its budget deficit from 12.7 per cent of GDP in 2009 to 8.7 per cent by year end by announcing several cost cutting measures including public sector freeze on salaries.

Meanwhile in Greece, millions took the protest to the roads and intensified the agitation against the austerity moved proposed by Prime Minister George Papandreou. The common currency Euro slid for a fifth week versus the USD amidst growing concern of a default by Greece and EU not coming out with a concrete plan, yet.

Greek's borrowing cost rose (interest paid on 10-year government bond), so did the protection cost sought against a possible government debt default, which rose 15.5 basis points to 370 points.