Formula One has been told it needs to implement drastic cost-cutting measures by 2010 if it is to remain "credible".

FIA president Max Mosley told BBC Sport that the global credit crisis had only exacerbated problems for F1 and several teams were now in danger of quitting.
"It has become apparent, long before the current difficulties, that Formula One was unsustainable," said Mosley. "It really is a very serious situation. If we can't get this done for 2010, we will be in serious difficulty."
Mosley warned: "We've got various means of making sure they don't spend that money, but it does mean some draconian changes."
http://news.bbc.co.uk/sport1/hi/moto...ne/7657298.stm

So is Max right or is this just more threat and bluster? Who are the "several teams"? What "draconian changes" can we expect?

Not so long ago FOTA said "The good thing is that people now realise that we do have to do something and I think (we are having) quite a creative open discussion." FOTA are already working on their proposals and haven't yet presented them to the FIA.