ATHENS - Greek Prime Minister George Papandreou will outline fresh plans to cut the country's ballooning deficit after meeting employers and labour unions next week, a Greek official told Reuters on Friday.

The Prime Minister will outline Greece's stability and growth plan, with specific commitments, after meeting with social partners on Monday, said the official who requested anonymity.

EU partners and rating agencies have been pressing Greece for weeks to come up with specific measures to cut its deficit and debt, due to become the euro zone's biggest in term of GDP next year.

Greece had said earlier this month that it would submit to Brussels in January its stability and growth plan, a 3-4 year outline of fiscal measures.

The market anticipates the government will announce some measures next week, Johanna Telioudi, bank analyst at HSBC, said as pressure eased on Greek bond and bank stocks on Friday.

Papandreou told Reuters earlier on Friday on the sidelines of an EU summit in Brussels that Greece was determined to bring its deficit below a 3 percent of GDP EU limit in four years.

(Reporting Lefteris Papadimas; Additional reporting by Angeliki Koutantou; Writing by Ingrid Melander)

European union HSBC