Papademos: going back to the drachma is not a choice

Speaking on CNBC, Papademos stressed that Greece;s staying in the euro is certain, but will take sacrifices and two more years of more challenging and demanding measures.

As for the PSI and the negotiations that begin again on Wednesday, he argued that the coming weeks are critical; however, he considers that progress has been made and so the country will continue to be funded by the EU and the IMF.

"Our goal is to complete the procedures, but also to keep the promises we made in the past and we are confident that we will succeed. We are close to an agreement, but need some further discussion on how to combine all these elements. The negotiations have ceased, as you know, but I'm sure they will continue and we will reach a mutually acceptable agreement."

Regarding the scenarios of a return to the drachma, Papademos was adamant and said that there are strong political forces that will to do whatever it takes to stay in the euro.

"This is the official position of the government and all the parties that support it. And what is more important than the majority of Greek people who are in favor of the country’s stay in the Eurozone?"