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Lucas Papademos is highly respected financial expert, graduate from the Massachusetts Institute of Technology (MIT) in the USA and holds a doctorate in economics. He worked in the Federal Reserve Bank in the USA until the middle of 1980s. He then returned to his homeland and became economic adviser to the Bank of Greece and its chairman a year later. The next position he held was Vice-President of the European Central Bank, the mandate of which expired several months ago. Government representatives, bankers, economists, journalists and students attended Lucas Papademos’ speech. His presentation drew a detailed and politically neutral picture of the Greek economy and the causes that underlie the present crisis. He noted that the government should focus on socially equitable way of sharing the burden of fiscal consolidation. On the other hand, politicians and social partners and the people as a whole must unite in achieving economic stability to make the economic stability real. Papademos concluded: "We are not allowed to fail."