–Originally Transmitted At 12:48 EST

FRANKFURT (MNI) – Following is the second half of the verbatim text
of the speech made Sunday by Greek Prime Minister George Papandreou to
Cabinet:

“Critics and even our well-intentioned friends say: ‘There will be
political fallout. PASOK is turning its back on its policies. You will
only see one term of office’.

“My answer is: PASOK always has a red line — the interest of our
nation and nothing else.

“I have said it and I will say it again — I have never sought to
come to power for powers sake, only to contribute. I stake nothing by
sacrifices, my only interest is when I hand over that I will have done
what is right and for us to create together a different and much better
Greece. That is why I will take whatever decision is necessary.

“At the end of my term of office, Greece will not be bankrupt — it
will be reborn.

“It was not our choice to take measures against the just and
unjust. It was our choice to put order in the affairs of the state, to
revive our economy in a socially just manner. Economic reality however
obliges us to take very tough decisions. This is recognized the world
over.

“At the same time the first positive results can already be seen.
The budget deficit has been reduced for the first quarter by 40% against
last year.

“Ladies and Gentlemen, we know that these are hard sacrifices, but
they are necessary. This is the only way that we will be able to
finance the 300 billion Euros debt we have. If we do not finance this
debt, Greece will go bankrupt.

“Tomorrow, as we come around the cape, we can dedicate ourselves to
the task of creating a different Greece. I convened the Cabinet meeting
for it to give its initial approval to these commitments we are called
upon to make. Many of the measures are perfectly feasible because we
too wish to build a new competitive Greece, a Greece which is
financially viable and independent, which can take its fate into its own
hand. A Greece that decides its own future.

“Many of the measures are also emergency measures we are called
upon to take. We could have avoided them had we the freedom of choice-
especially if we had the time we needed and could have put to good use,
had we not found ourselves faced with this huge economic crisis.

“This is why these sacrifices are being made today: to enable us to
have the breathing space we need, to find the time needed as well as
peace of mind to make the historic changes in our country which our
nation has entrusted to the Panhellenic Socialist Movement.

“We are shaping a truly new patriotism, which means that we change
practices and conceptions. We are to highlight whatever best Greece and
Hellenism has: ‘meraki’ (dedication to effort), ‘filotimo’, (sense of
duty) solidarity, humaneness, hospitality, uprightness, imagination,
creativity, alacrity of wit needed for productivity. This is our Greece
of values.

“New patriotism means that we do not only praise symbols and
history, but take care of our fellow citizen, and the common interest,
we take care of our environment, take care of Greece which belongs to
all of us. New patriotism means a new collective Greek conscience.

“This message goes out to all. We send it to the European Union
and to the International Community watching us — who will be watching
us, not only over the next few days but the coming months. They will be
watching and evaluating our reactions, watching Greek society. We want
to show a Greece that is changing, that is being reborn, a Greece of
which we are proud.

“We are talking of historic changes for citizens, historic changes
which will take Greece definitively out of the crisis. At this historic
crossroads however there is no other choice that will save our country.
Given the exceptionally tight negotiating framework in which we found
ourselves, any negotiation was difficult.

“What is positive is that employees in the private sector are not
affected. We have had, however, to take additional painful measures
which affect pensioners and civil servants because the ‘sick man’ is the
public sector and the sooner we change it the faster we will revive our
economy and regain lost ground being yielded by Greeks today.

“As the Minister of Finance has explained, we have tried to save
whatever we could and tried to ensure that consequences for the weaker
in society are minimal. This is our philosophy, these are the
principles of PASOK as a movement.

“I wish to stress that this national effort requires the political
system to set an example. This is why I will ask of the President of the
Parliament to undertake initiatives for the Parliament to head the
effort and for Members of Parliament to participate in the burden and
forsake their bonuses. This is only a small taste of overall change in
the way the political system we are trying to implement will function.

“I have ordered the Minister of Finance to speed up the procedure
for drawing up the new electoral law so that the political system will
be established on new sound basis. We must say in all sincerity to the
citizens of Greece that we have trying times ahead. We are seeking a
new meaning to our values however, such as quality, humanness,
democracy, solidarity between us — we are opening up a new road.

“I want to thank you all for the courage and the feeling of
responsibility that you have all shown all this time. We have stood and
will stand up to our responsibilities to the future of our country, to
the forthcoming generations. We must hand them a country that is robust
without the deficits that our generation created to emerge not only
winners but stronger that before.

“We must perform great feats. We will see difficult times, but we
will succeed by making a new start in everything. We will seek out our
values and give them a new meaning, such as quality, humanness,
solidarity

“We do not promise to have an easy or painless time over the next
few years. I do however promise three basic things: first of all that
we will do everything to protect the weakest in this crisis.

“Secondly: that the feeling of justice will be consolidated since
this has been lost and obviously there is anger. This is something we
feel, we all understand. Something I understand. This is the rage of
citizens today who have to pay for the sins of others. Justice,
equality in the eyes of the law, the just distribution of burden and
wealth are for us a daily battle and commitment.

“Thirdly: I promise to fight alongside all of you and to make this
crisis an opportunity for change. We must change, Greece must change, we
must think and dream differently, and make Greece different. This is a
new beginning which will make us proud of our country and of our work.

“I would like to thank you once again for the feeling of
responsibility that you have all shown. I must stress again that Greeks
have always come through difficulties stronger and victorious. This is
the case today too. This is why I have every confidence in the strength
of Greece. If we all work together, all together for the Greece we
deserve and dream of — we will succeed. We will go through difficult
times but we will be successful. In this battle, I will always be at
the forefront.”

END

–Frankfurt bureau tel.: +49-69-720142. Email: frankfurt@marketnews.com

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