Greece's Papademos: Default and Abandoning Euro Not Options

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Europe Update: Greece Says Default, Leaving Euro Not Options

In an interview with CNBC, Greek Prime Minister Lucas Papademos said on Monday that abandoning the euro and returning to the drachma was "not an option."

Papademos also expressed confidence that Greece would not default in March when the next debt rollover comes due.

Papademos said, "Our objective is to complete the two processes and also to fulfill our commitments that have been made in the past. We are confident that we're going to achieve this."

Recall that talks between Greece and the private sector bondholders broke down on Friday and are expected to resume later this week. There were reports that the talks were acrimonious as hedge funds are pushing for a default.

Papademos responded to the subject by saying, "Further reflection is necessary on how to put all the elements together. But I'm confident they will continue and we will reach an agreement that is mutually acceptable in time."

 

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