Speaking during a joint press conference with European Union Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at the end of a marathon meeting of a Eurogroup Summit, Papandreou thanked the European leaders for the "package" of support to Greece adding: "We are a proud people, a people that works hard and the only thing we are asking is the right to make changes."
Papandreou added that his aim was to go ahead with great and deep reforms in the Greek economy and to establish a society capable of creating new jobs.
European Union Council President Herman Van Rompuy said on his part that measures had to be taken immediately, because, as he said, "a difficult situation was gradually becoming not manageable".
He added that with Thursday's decisions, the crisis is being tackled through funds from both the Eurogroup member states and private investors on a voluntary basis.
The crisis can be dealt with, Van Rompuy also said, adding that the summit agreed on a new EU-IMF support program to Greece comprising lower interest rates for Greek bonds and longer maturities.
Commission President Barroso noted that the case of Greece "is unique" and that Thursday's decisions stand only for Greece and not for other countries.
Papandreou termed the summit's decisions "important for Greece and Europe", adding that the sacrifices of the Greek people "are yielding results" and that the citizens's "right to hope is guaranteed".
The Greek prime minister also said that he government had gone through difficult talks but it had followed a plan in order to avoid the country's default.
Papandreou underlined that the summit decided on a long term growth program for the Greek economy - the so called "Marshal Plan" for Greece.