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In a statement, Prime Minister Lucas Papademos stressed the importance of the new economic programme being approved by parliament, noting that "lies and dangerous demagoguery are wrong" from those who argue that it would be better for the country to declare bankruptcy.

"We are very close to the bottom", said the Prime Minister, and described in the darkest colours the consequences that an uncontrolled bankruptcy would have on people's lives. Papademos stressed that chaos will follow - citizens' savings will be in danger, the state will not be able to pay salaries and pensions, it will not be able to perform basic functions such as maintenance of hospitals and schools. Along with this, imports of essential goods such as medicines, petrol and machinery will be hampered and this will lead to mass closure of businesses.

“The Greek Parliament is asked to take a historical responsibility. It is called upon to examine and approve the new economic programme of Greece, which is a condition for the financial support of the country in the upcoming years", said the Greek Prime Minister.

With the insured debt reduction valuable resources will be released and with the correct application of the programme" the fiscal stability and international competitiveness of our economy will be restored and the country will return to a sustainable path of development, most likely from the second quarter of 2013", Papademos said.

"This contract ensures the future of the country in the Eurozone and the foundation for overcoming the current economic crisis", he added.

The Greek Prime Minister also said that the development model that had existed in the country until 2009 was based on loans and had "no future, it was doomed."

Papademos stressed that the decisive factor for the recession, currently afflicting the Greek economy, is "instability and uncertainty about the prospects of the Greek economy." "The reliable programme, financial support and debt restructuring will put an end to the instability, uncertainty and insecurity", said Papademos.

He added that the programme contains a provision that no government would have applied under normal conditions and that the government is fully aware that, in the short term, it requires painful sacrifices from the Greeks.

"We look in the eyes of the Greek people with full knowledge of our historical responsibility. The social cost of this programme is much less than the economic and social catastrophe that will follow if we do not accept it", noted the Greek Prime Minister.

"This will be a huge historic injustice - the country which gave birth to European civilization, the country, which over the past 65 years has experienced a civil war and a dictatorship, but recovered, built its prosperity, created democracy, institutions and values. It will be injustice if this country ends up bankcrupt, in national isolation and reaches national despair because of one mistake ", said the Prime Minister of Greece.

He said that "we will not emerge from the crisis without victims", but added that the struggle today is about "our children and for them to have a European Greece of stability, prosperity and democracy, which we had won over the last 30 years."

KKE Communist Party: The Prime Minister is trying to scare us

"The Prime Minister is distorting the truth and is trying to scare us", the Communist Party KKE stated in its press release. "What interests him is how to allocate losses from the crisis in the European Union and how benefits from the permanent bankruptcy of the people will be divided," the press release continued.

Stefanos Manos: I hope the supporters of the drachma heard him

"Finally, the Prime Minister spoke to the people openly and bluntly told the truth", said the President of the Party "Drasi", Stefanos Manos.

"I am very happy about this. I hope supporters of the drachma and bankruptcy heard him as well", he added.