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.

I thank all of those deputies who supported the government and gave it a vote of confidence. I believe each of those votes represents a responsible decision to avoid placing our country's membership of the eurozone in danger.

Greece is at a crucial crossroads. The choices that are made and the policies that are enforced will have a decisive impact on the wellbeing of Greeks. The way forward will not be easy but the problems can be solved, and will be solved, if there is unity, co-operation and consensus.

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

More cuts were needed to avoid exiting the eurozone.

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.