PASOK president George Papandreou pledged to implement the agreement of 26 and 27 October 2011 with two detailed letters to the troika and the 26 leaders of the European countries. 

But he did not constrain himself to the commitments, and proceeded to an overview of his two years in office without failing to place responsibilities to EU, troika, ND, and public administration, for delays in the implementation of the program. 

"Never before a member-state of the eurozone had to address both hard and phobic reactions by the markets, speculative attacks, unexpected and irrational rise in borrowing costs. This situation translated into a grim reality: the sustainable servicing of the Greek debt was impossible," he mentioned. 

He made particular reference to the "necessary initiatives," which he says he made to form a government under Lucas Papademos and continued by saying "we fully support the current government in the implementation of its tasks. We believe that the immediate implementation of this package is in the interest of the Greek people and the eurozone." 

In his first letter he concludes with a commitment to implementing the decisions of the last summit: "Needless to emphasize that we remain committed to implementing the policies of the economic program, and look forward to working with our institutional partners, the EU, the ECB and the IMF, to prepare and implement the new three-year program for the period 2012-2014, as decided on October 26-27." 

The second letter to the heads of member-states is more detailed. He makes another reference to the achievements of his government, with two important differences:

  •     he attacks the opposition, the public administration and the EU
  •     he talks extensively about the possibilities of the Greek economy
Regarding the first he says "we faced a triple failure:

  •     the failure of the former government to responsibly address our budget and economy
  •     the failure of the EU institutions to ensure that a member-state is observing the rules of the Maastricht Treaty, despite the fact that Greece was under financial supervision
  •     the failure of the eurozone and Europe as a whole to prevent the systemic problems of the euro and regulate the markets and the financial system, especially after the economic crisis of 2008.

A weakness that I pointed out since the beginning, and which troika only recently realized, concerned the issue of implementation and enforcement. This is not a matter of political will. It has to do with the inefficiency of he public administration to carry out innovative and radical changes in such a short time." 

In his second letter, Papandreou talks about the massive possibilities of Greece. "Greece has comparative advantages and can achieve growth, employment and a competitive and a sustainable economy." 

It should be noted that this is the first time that Papandreou is highly critical of the way the lenders demanded Greece to implement the first memorandum and also highlights gaps in the EU, avoiding to make self-criticism.