Lucas Papademos will address the Greek people tonight Saturday, awaiting the outcome of the meetings of the parliamentary groups of PASOK and ND. The cabinet approved the new memorandum for the loan greement and the haircut, while earlier in his address the PM had used dramatic tones to describe what a bankruptcy would mean for our country.

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. He acknowledged that the strength of the Greek people is also on the edge. “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 added that “these moments are not just critical, they are dramatic for our country. We all bear a historic responsibility”, and that an uncontrolled bankruptcy would throw our country into a disastrous adventure creating circumstances of uncontrollable economic chaos and social explosion.

"The program in front of you and the financial support that comes with it are necessary to preserve the most important achievements of recent decades in order to ensure Greece's position in the group of the most developed countries of Europe and the euro. And it is absolutely necessary in order to protect our national interests. This coalition government was formed with a primary mission, which reflects the will of the majority of the Greek people: to do what is required in order to avoid a disorderly bankruptcy and the disastrous consequences it would cause. I am sure that the cabinet is aware of this historical criticality and will do its duty," he concluded.