Lucas Papademos says sacrifices not a 'lost cause'

Outgoing Greek Prime Minister Lucas Papademos warned early on Thursday that a rejection of the EU-IMF memorandum would lead the country out of the eurozone.

In an open letter addressed to the Greek people Papademos stated that the coalition government he led had a specific agenda: to avoid a disorderly default, the approval of a second bailout package of 130 billion euros for Greece and the completetion of PSI, the private sector involvement in the Greek debt, among others.

The sacrifices of Greek citizen were not a 'lost cause' noted Papademos but made in view of reforming the Greek economy and the country retaining its position in the European Union.

Regarding the May 6 election outcome, Papademos noted that while a large portion of the Greek citizens expressed a desire for changes to the country's economic policy, any amendment to the latter ought to be pursued in agreement with the country's partners.

Papademos called a unilateral rejection of the country's binding agreements «disastrous,» a move which would lead the country outside the eurozone and possibly out of the European Union altogether.

Meanwhile, Council of State president Panayiotis Pikrammenos was appointed caretaker Prime Minister on Wednesday, while his 16-minister cabinet was sworn in on Thursday morning.