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Papademos addresses Greece following PSI completion

11. March 2012. | 12:43

Source: AMNA

Prime Minister Lucas Papademos, in a televised statement on Friday following the successful completion of the PSI hours earlier, said the present day "is not only a day of satisfaction for all that has been achieved.

Prime Minister Lucas Papademos, in a televised statement on Friday following the successful completion of the PSI hours earlier, said the present day "is not only a day of satisfaction for all that has been achieved.

It is also an opportunity for circumspection. Because we are aware that investors and depositors, including thousands of ordinary citizens of this country, suffered considerable losses (property losses). And this obliges us to think of our mistakes, that obliged us to be led to the restructuring of the debt. This, strengthens our will and determination to change Greece."

"With the completion of the biggest debt restructuring that has ever taken place, a window of opportunities and hope opens for Greece. It is a considerable, I would say historic, success, that became possible with the systematic, coordinated and tough efforts of many. With the help of our partners, with the sacrifices of the Greek people and the cooperation of the political forces that support the government, we achieved a very difficult task," Papademos said.

The prime minister further said that "with the completion of the steps that remain, with the final ratification and signing of the loan agreement in the next two weeks, we are escaping from the quicksand of the past months. We are now treading on solid ground. For the first time Greece is not adding, but removing public debt from the backs of its citizens and of the next generations. With the decrease of the debt by about 105 billion euros, we Greeks can see the future with greater confidence."

Papademos pointed out that "the restructuring of the debt is a tangible recognition of Greece's efforts. It is an expression of confidence for the country's prospects and our future in the Eurozone. It creates preconditions for the deposits to return, for investments to be made, for the economy to forge ahead again and for jobs to be created for the younger generations"

He went on to say that "we continue to have a great uphill path before us. We do not have the right to waste the money that we shall save from the interest and the instalments. We must utilise it in order to modernise the structures of the country, to make our economy competitive, to tidy up the state."

Lastly, Papademos stressed that "through the deep recession and the ordeals of the Greek people a hopeful prospect of exiting from the worst crisis of the post-war period is emerging. Confidence is being restored. The support of our partners is being confirmed. But the decisive responsibility for us to shape the country's course belongs to us. To change our economy, to keep our society upright, to defend our position in the euro, to gain the future. We have a new big opportunity. Let us not lose it."


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12. March - 18. March 2012.