Greece reacted with a mix of resignation and outrage on Monday to a painful new austerity package from the government that newspaper editorials said would force a long-delayed "violent modernization" on the country.

Greece

"The time to pay the bill has come, the time of responsibility for all of us tackling this crisis must become the big opportunity to modernize our public life, even if we have to bleed," said financial daily Kerdos.

Prime Minister George Papandreou's government unveiled the plan to overhaul Greece's debt-ridden economy on Sunday after talks with officials from the International Monetary Fund (IMF) and European Union (EU).

It foresees a massive fiscal adjustment driven primarily by cuts in the country's bloated public sector, which makes up roughly a third of the workforce.

A public sector pay freeze was extended until 2014 and treasured holiday bonuses will be scrapped for many employees. Pensions will also be cut. More from Reuters here.