More cuts were needed to avoid exiting the eurozone.

I am not a politician but I have dedicated the biggest part of my professional life to economic policy both in Greece and Europe.

I think the gains to be achieved by a combination of reforms and labor market adjustments are going to be more permanent and will provide a basis for reducing unemployment and improving expert performance and sustaining growth in a way that is more sound and more permanent.

Dealing with Greece's problems will be more difficult if Greece is not a member of the eurozone.

In the 20 years before Greece end up with the Euro, efforts to improve competitiveness through exchange rate and adjustments resulted only in temporary gains of competitiveness.

The new co-operation government will do the best it can to address the country's problems, and I believe that with the co-operation of all - and the new government stresses this - and the unity of all, we will achieve that.

The government is determined to continue the process of fiscal consolidation and structural reform in order to secure sound public finances and improve the country's international competitiveness.