Finance minister George Papaconstantinou outlined the state of the Greek economy and measures taken by the government to face the severe economic crisis, during an address on Monday at the London School of Economics, on the theme "Greece is changing".

Papaconstantinou said he has learned three lessons, applying to Greece but Europe alike, in his experience in managing the country's economic crisis.

The first lesson is that things have a tendency of catching up with you if you don't act promptly. A big delay means that the outdated institutions and fiscal problems will catch up with you, he said.

The second lesson is that time costs money, Papaconstantinou said, noting that "if we had acted earlier, at European level, things would have been easier...The more you delay, the more the cost rises".

The third lesson, he continued, is that a crisis should not be faced with temporary measures, but with remedying the root of the problem.

On Greece's growth prospects, Papaconstantinou said that there can be no development without a balance of the state's functional institutions and reduction of the deficit.

"There can be no growth without investments, and there will be no investments if the markets are closed. The markets will return when the deficit is reduced and confidence in the Greek economy is restored," he stressed.