ATHENS, Greece (AP) — Greece's radical new government on Wednesday signaled the country would backtrack or scrap a series of budget measures its eurozone creditor nations had demanded in exchange for bailout loans.

The move fueled market concerns of a tough confrontation with eurozone countries, whose loans are keeping Greece from bankruptcy. Stock and bond markets in Greece plummeted.

Left wing Prime Minister Alexis Tsipras described the country's bailout budget commitments as "crushing and unobtainable," while his finance minister called the bailout agreements a "toxic mistake."

Previous governments in Athens had committed to achieving high primary budget surpluses — that is, surpluses that do not count the cost of servicing debt — in order to make the country's national borrowings more sustainable.

But Tsipras' Syriza party, which won a sweeping general election victory Sunday on a promise it would overhaul those earlier commitments, calls that target is unrealistic. He said his government would instead seek to balance the primary budget.

Instead of using the money to pay down debt, the money would be used to help the economy, he said.

"This a government of societal salvation and it has a very difficult task," Tsipras told his first cabinet meeting. "We want to negotiate the reduction of the debt and an end to conditions of choking austerity."

In Brussels, Jyrki Katainen, the vice president of the European Union's executive Commission, said Greek authorities are expected "to fulfill everything that they have promised to fulfill."

"The Commission must treat all the governments similarly. We don't change our policy according to elections," Katainen said.

The new Greek government, Tsipras said, was seeking "realistic proposals" on how to make Greece's huge rescue loans easier to manage and ways of dealing with the "humanitarian crisis" of mass unemployment and rising poverty.

The comments sent share prices plummeting as investors expected tough negotiations with eurozone creditors, who have insisted Greece stick to its promised reforms.

The Athens Stock Exchange's main index fell more than 7.5 percent, while the government's borrowing rates climbed, a sign investors are more worried that Greece might default. The rate on Greek 10-year bonds rose by a percentage point to around 10.5 percent.

As government ministers officially took up their positions Tuesday and Wednesday, they pledge to reverse key aims set out under the previous conservative government, including major privatization plans for the port of Piraeus and the Public Power Corp. utility.

New Finance Minister Yanis Varoufakis called the bailout agreement a "toxic mistake."

"Today we are turning the page on that mistake that cost human lives, that were lost or undermined," he said. He argued that the main problem was not that Greece received rescue loans, but that the required reforms focused on reducing debt rather than investing in growth. As a result, the money was thrown "into a black hole."

Eurogroup President Jeroen Dijsselbloem was to visit Athens Friday, the government said.

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Elena Becatoros in Athens and Raf Casert in Brussels contributed to this report.