George Papandreou Quotes

The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.

When I took over, the economy had almost collapsed. I told Malawians we needed to pass through difficult times. Two days ago I even cut my own salary by 30% to show we are making sacrifices.

No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure.

Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

The vast majority of Greeks accept the need for reform and want to keep our country inside the euro zone.

There's no more place in the euro zone for well-meaning laxness when dealing with deficits and failings. If the demands on Greece aren't taken seriously, we'll get stuck in quicksand. In the worst case, this would make it acceptable for one tranche to not be paid out. It is in the Greeks own interest not to test that.

I do not want America to default on its debt.

I certainly don't want our nation to go into default, but at the same time, I'm very concerned about our ongoing debt problem.

Two decisions have damaged the stability both of the euro and of Europe: the premature admission of Greece to the euro area and the breach and subsequent weakening of the stability and growth pact.

The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out across the board.

We've got to take some drastic steps in this country. We can't keep spending and spending.

In fact, I think - our view of this is that while the agreement, the compromise did not achieve the kind of super-sized deficit reduction that we sought, it did end the uncertainty around the perception, the possibility that the United States might default on its obligations for its first time. That was a good thing.

Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.

A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.

The entire political elite has mismanaged the Indian economy for the last 50 years. You cannot solve a crisis that is borne as a symptom of mismanagement in just five minutes or in a week. It will involve significant sacrifices and pain, and I doubt that in India there is the political will to face the music.

I am confident that we can overcome this crisis, provided that we remain united in our effort to address our debt and competitiveness problems. And I think that the Greek people are united; it's important also that the political forces are united in line with the will of the Greek people.

Nobody wants to put the creditworthiness of the United States in jeopardy. Nobody wants to see the United States default. So we've got to seize this moment, and we have to seize it soon.

It is admitted on all sides that we must equalize the revenue and expenditures. The scheme of borrowing to make up an increasing deficit must, in the end, if continued, prove ruinous.

I think the funds that have been pledged at Euro Summit, combined with the outcome of the private sector involvement process should be sufficient in order to support financially the Greek Economy.

Russia has gone through eight years of continuing economic pain.

There was no avoiding the fact that we were going to hit our debt ceiling.

Not all Greeks are ready to do whatever is necessary to stay in the euro.

The debt ceiling at some point has to be raised. I don't think there's anybody that questions the fact that if we ended up getting in a situation where the U.S. government was sending out IOUs like the state of California did at one point, that ends up creating quite a brand problem for our country.

I think it's absolutely clear that the fiscal path we are on is not sustainable, and for me, the best analogy is these deficits are like a cancer, and over time they will destroy the country from within.

Our position in Europe is not negotiable. The Greek people will defend it by all means. But participation in the euro involves rules and obligations, which we must consistently meet. Greece belongs to Europe and Europe cannot be envisaged without Greece.