So it won't be a surprise when the Greek default actually happens and we expect it one way or the other to be relatively soon.

More cuts were needed to avoid exiting the eurozone.

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.

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

The financial crisis in our country is not a passing storm. Given the size of the problems, our national effort will not be completed in 2012. It will take many years and will require the efforts and insistence of several governments.

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.

Our eurozone partners have made it clear: The choice is between staying in or getting out of the eurozone.