We had about 60 regions in Greece and now there are only 13. It'd be like cutting down 50 states to 13 and making it more efficient.

Greece has given Europe the opportunity to fix a defect in the euro zone, that is the fact that we did not have a fiscal union. Now steps have been taken to begin that process. And there is more solidarity from nation to nation, and that is a good thing. That has been Greece's gift to Europe.

But sovereign debt is a wider question not only in Europe but across the globe. While every country is a unique case, I think it's not an issue of countries acting on their own. We need a more coordinated strategy not only in Europe but around the world.

We Greeks want change. We know there are problems in our system. We have great potential but we need to manage our country well. Now that hasn't been done over the last decades. And that is, of course, what we are paying for.

We had about 60 regions in Greece and now there are only 13. It'd be like cutting down 50 states to 13 and making it more efficient.

Greece's history in the drachma was an up-and-down history, a roller coaster.

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.