ATHENS, Greece (AP) — Prime Minister George Papandreou says that if Greece cannot borrow on terms that are similar to those enjoyed by other European Union countries, the results will be "worse than catastrophic."

Papandreou also says the country must take additional austerity measures in order to deal with an unprecedented financial crisis that has battered the EU's single currency. He made the comments Tuesday during a speech to his Socialist party deputies in Parliament. On Monday, the EU finance chief said Greece must impose more painful, permanent spending cuts in coming days if it is to emerge from the crisis.