Greece will now request a bailout from the European Union and the International Monetary Fund, triggering further cutbacks for in the debt-stricken nation, Greek newspapers reported on Friday.
"The time for talking is over. The time for painful reality is upon us," the Kathimerini daily said in an editorial.
"The political world has to start preparing public opinion," it said.
Ta Nea, another newspaper, said that a request by Greece on Thursday for talks with the EU, the IMF and the European Central Bank due to start on Monday in Athens meant it was "preparing to ask for the aid."
"A nightmare package, lower salaries and pensions," Ta Nea said in a headline, adding that discussions would focus on lowering wages in the private sector, putting a cap on pensions and closing down state companies.
The Kathimerini daily said: "The eurozone and the IMF will impose additional measures this year and the next two years, including lower salaries in the private sector easier firing and the closure of state companies."
Eleftherotypia said, it was not sure if the bailout was "medicine or poison."