Greece on Monday agreed to present new cost-cutting proposals if it is not on track to meet deficit reduction targets by the middle of next month, said Eurogroup head Jean-Claude Juncker. The head of the 16 countries that share the euro currency added that these measures, which Greece's eurozone partners expect will be necessary, 'should focus on expenditure cuts, for example cutting further current and capital expenditure including cancelling budget appropriations in budgetary reserves.' Luxembourg Prime Minister Juncker said Athens should also present proposed 'revenue-increasing measures,' in the event that it fails by March 16 to convince its EU peers that it can meet its deficit reduction objectives for 2010. 'It's up to Greece to consolidate its public finances, it's up to the euro area to stand determined' in case more tough decisions are required to be taken in Athens, he stressed after a meeting of eurozone finance ministers in Brussels. The agreement struck by the 16 ministers, joined by economic and monetary affairs commissioner Olli Rehn, is conditional on current moves in Athens being to the satisfaction of Brussels inspectors. Greece has committed itself to reducing a 2009 deficit running to 12.7 percent of Gross Domestic Product by four percentage points over the course of 2010, and is under semi-permanent surveillance by the European Commission as it implements drastic cuts. The EU's budgetary chief Rehn said the lessons of the Greek debt crisis were that the eurozone 'stands ready to propose further necessary measures if required.' He said the eurozone 'urgently needs broader, deeper surveillance' with strengthened coordination of national economic policies across the euro area. 