Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

I am personally convinced - and I think the Greek people share this belief in a fundamental way - that we can achieve fiscal consolidation more effectively and we can restore competitiveness in a more fundamental and permanent way within the euro area than outside.

Governments cannot assume or expect that the ECB will always facilitate their funding independently of the achievement of their fiscal and other policy objectives.

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.

I am convinced that the public, large majority of the Greek people, realize that policies pursued in the past and the market practices have to be changed, in order to improve the prospects of the Greek economy. So there is, I think, strong public support despite the increases in social tensions.

We must all assume out responsibilities to take the country forward.

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.