He noted that the international environment has become more difficult following the downgrading of the US's credit rating and the attacks on the Italian and Spanish bonds, adding that "everyone understands that the private sector need to participate, as agreed, and the EFSF needs to be  utilised more and strengthened, to borrow with its own bonds that will be rated AAA and to go to the secondary market".
Venizelos acknowledged that certain EU countries are hesitant due to the burden on them, but underlined the importance f the fact that the July 21 decisions were reaffirmed during Tuesday's tele-conference, and added that the approval of the summit decisions by the national parliaments of the eurozone member countries needs to be accelerated.
"The preparation will be completed by end-September and the implementation time must be short," Venizelos said, adding that he was optimistic because everyone was stating that they will remain in the plan, while he also did not rule out extension for a few years of the bond swap programme for bonds maturing after 2020 as well.