European finance ministers bluntly told Greece to prepare tougher spending cuts and new taxes in an attempt to snuff out a government debt crisis that has shaken the entire eurozone.

The 16 countries that use the euro warned Greece on Monday that it will need to take the extra measures if current cutbacks don't bring its massive deficit down — from a staggering 12.7 percent of economic output to a still-high 8.7 percent this year.

Greece has until March 16 to report back on its progress.