First of all, Greece won't go down. We're talking about a country that is capable of making change. Europe will not allow the destabilization of the 27-country euro zone. But if there were no action, then markets would start becoming jittery about other countries - and not only Spain and Portugal, but other countries in the European Union.

If we were going to default, we would have decided that many months ago. It would be wrong for the Greek economy, it would be wrong for the European economy, it would make things worse in the end. That's why we're taking the pain and making these structural reforms, and we're on target.

Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social commitments and practical responsibilities.

My hope is that we will turn Greece into maybe the most transparent country in the world with everything on the web.

Very often, people will come out and say, 'Greeks aren't doing things, Greeks aren't making changes, there's no reform,' That is hogwash. We have made a huge effort. The Greek people have made a huge effort.

Despite the deep reforms we are making, traders and speculators have forced interest rates on Greek bonds to record highs.

First of all, Greece won't go down. We're talking about a country that is capable of making change. Europe will not allow the destabilization of the 27-country euro zone. But if there were no action, then markets would start becoming jittery about other countries - and not only Spain and Portugal, but other countries in the European Union.