Greece's financial problems have been causing a great deal of concern across the eurozone because the country is suffering from a budget deficit that is four times the EU limit.

The European Commission can impose fines on Greece, but such a step could only worsen the nation's financial woes.

In an ambitious effort to reduce its debt, Athens has submitted a plan to the EC that promises to tackle the problem through spending cuts over a three-year period.

Al Jazeera's Barnaby Phillips reports from the Greek capital, where analysts are sceptical that the government's plan will succeed.