Lucas Papademos

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.

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.

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.

I take office during the most difficult moment in the country's recent history. The country can be saved - it's up to us. I think it is obvious for those who support this government to undertake the commitment and ensure that our country's euro membership is not endangered.

I think the funds that have been pledged at Euro Summit, combined with the outcome of the private sector involvement process should be sufficient in order to support financially the Greek Economy.

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.

I think achieving a higher fiscal stability is also a very important condition for restoring an environment which is conducive to growth.

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 export performance, and sustaining growth, in a way that is more sound and permanent.

Our membership of the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth. Our membership of the euro is the only choice.