National Bank of Greece (NBG) managing director Apostolos Tamvakakis in published statements on Sunday noted that if the country implements the decisions it has undertaken then no default will be forthcoming.

"We can avoid (default), absolutely. No one can push us into bankruptcy if we do not want to default. I am certain that we can make it if we all decide to individually see what is in our best interest and the country's best interests," he was quoted as saying in an interview published by the Sunday edition of the Athens daily "Kathimerini".

He emphasised that any "alternative" -- i.e. exit from the Eurozone and return to a national currency -- "will bring the country back decades".