BRUSSELS, March 15 (UPI) -- European Union finance ministers in Brussels Monday began assessing the Greek government's plans to rein in a record deficit.

Greek Finance Minister Giorgos Papaconstantinou was to spend two days outlining his government's strategy for bringing down some $419 billion in debt and meet about $27 billion due for payment in April and May.

The socialist government of Prime Minister George Papandreou implemented new taxes and cut back civil service salaries and pensions, which triggered numerous strikes -- two of them national -- in recent weeks.

Papandreou has lobbied the European Union and United States for international financial reforms that would enable Greece to borrow money at the same rates other EU countries receive. He has repeatedly said he is not looking for a bailout, but rumors persisted during the weekend that France and Germany were at the ready to provide funds, Kathimerini reported from Athens.

European Commission spokesman Jonathan Todd denied those reports.

"Technical work is ongoing and has not yet been concluded. All the rest is speculation,"

he said.