Greek people warned of further cuts

Negotiations over what extra steps it must take as part of the rescue, which will provide 45 billion euros in loans this year and up to a reported 120 billion euros over several years, are expected to be completed over the weekend, possibly by tomorrow.

Once an agreement on further cuts is in place, Germany – which would be the largest EU contributor to the aid package and has insisted on strict conditions for releasing the money – is expected to push the issue through parliament so funds can be approved before Greece faces a May 19 debt payment date.

The German Finance Ministry said that it expected Athens to present the austerity plan by tomorrow. Germany will review it and then consult with eurozone finance ministers.

Germany has stressed it needs to review the Greek plan before it can move ahead with legislation deemed necessary to free up the 8.4 billion euro loan it is pitching in to help bail out Greece.