Greece will submit plans to cut its huge budget deficit to the European Commission on Friday.
The three-year plan, approved by the Greek parliament on Thursday, aims to cut the deficit to 2.8% of GDP by 2012.
It is currently at 12.7% of GDP - four times the European Union's limit of 3%. Greece's debts amount to 113% of GDP.
The BBC reports the state of Greece's public finances is under intense scrutiny by the EU. This week it expressed concern over the financial data being supplied by the Greek government.
On Thursday, the president of the European Central Bank was forced to dismiss speculation that Greece would be forced out of the eurozone because of its budget problems, calling it "absurd".