He said his country still faces problems with debt and competitiveness on the world stage. “The new program is to make our economy more productive and competitive,” he said, adding that short-term sacrifice could lead to economic growth in the country to up to 3% per year by 2015. “(This austerity) program will take us on solid ground and will lead to necessary consolidation, reform and recovery of our economy to overcome the crisis and move on to development and job creation,” Papademos said.

Jean-Claude Juncker, the president of the group of countries backed by the European Commission, the European Central Bank and the IMF, said Sunday that a final decision on the support program for Greece will be considered at a meeting on Wednesday. He said the lending decision, and would depend on three conditions that the Greek authorities had been asked to fulfill, including the closing the remaining financing gap of about $430 million in 2012; and a commitment by the country’s political leaders to implement the austerity program. "We are fully aware of the significant efforts made by Greek citizens,” Juncker said. “We also underline the further and joint efforts that are needed to return Greek society to the growth and sustainability path.”