Lucas Papademos explained what default would mean, in front of the cabinet. The PM made it clear that ministers who vote against the contract will be kicked out of the government. “At this time, the government’s strength is being tested. It is clear that not everyone can bear the responsibility. Greece's default is not an option we can allow”, he stated. He urged everyone to support the rescue effort of the country.

The PM acknowledged in his presentation that the strength of the Greek people is reaching its limits. “We look the Greek people in the eyes, fully conscious of our historic responsibility. The social cost of this program will be limited, compared to the economic and social disaster that would follow if it is not adopted”.

He stated that “these moments are not just critical, they are dramatic for our country. We all bear a historic responsibility”.

According to Mr. Papademos, uncontrolled default would throw our country into a disastrous adventure. Circumstances would be created that would foster uncontrollable social explosions and economic chaos.