http://news.bbc.co.uk/2/hi/business/8411749.stm
The same thing America should be doing.
The Greek prime minister has unveiled a series of spending cuts, warning that the country is at risk of "sinking under its debts".
George Papandreou said the planned cuts would include a 10% cut in both social security spending, and overall government operating expenditures.
Calling for national unity, he vowed to reduce Greece's public deficit from the current 12% to under 3% by 2013.
He also announced a 90% tax on the bonuses of senior bank workers.
Mr Papandreou said there were certain moments in the history of a nation when the choices made defined the time to come.
Today was such a moment he said. Then he announced what the government described as sweeping structural reforms.
These included a 10% reduction in both government operating expenditures and social security expenditure.
Mr Papandreou's Socialist government will try to convince the unions and opposition political parties that the cuts he has proposed are in the national interest.
The Conservatives are likely to concur, but left-wing groupings have already indicated that they will fight the government.
Other proposals include a cut in defence spending, pay and hiring freezes for public sector workers, and the closure of a third of Greece's overseas tourism offices.
"We must change or sink," said Mr Papandreou, in a speech to business and union leaders.
He added that Greece had "lost every trace of credibility" and the country had to "move immediately to a new social deal".
Indicating that some spending cuts would be painful, he said that "we must all lose our comfort".
