BRUSSELS (

TheStreet

) -- European finance ministers Monday told Greece that it needed to prepare for more spending cuts and taxes if current efforts to reduce its deficit aren't sufficient, according to a published media report.

Finance ministers from the 16 countries that use the euro gathered Monday, and their primary topic was Greece's debt crisis, which threatens to create a broader crisis throughout Europe.

They said Greece would have to tighten its belt even more if its current measures don't reduce its deficit from 12.7% of GDP to 8.7% this year, the

Associated Press

reported.

Greece must make a progress report on March 16.

TheStreet Recommends

Eurozone nations have said they will help Athens if it becomes unable to pay its debts, but they want Greece to do all it can to reduce public spending, the

AP

noted.

"Greece has to actually deliver and is beginning to deliver," said French Finance Minister Christine Lagarde, who was quoted by the

AP

. "Greece has to demonstrate on a day to day basis ... that it is committed to do what it takes."

Monday's meeting was for the nations that use the euro. On Tuesday, finance ministers from all 27 European Union nations plan to gather.

> > Bull or Bear? Vote in Our Poll

This article was written by a staff member of TheStreet.com.