Greek Prime Minister George Papandreou ruled out a possible restructuring of the country's debt in an interview with the CNN on the sidelines of the World Economic Forum in Davos, on Thursday, January 27th, 2011.

He was confident that? Greece would successfully recover from the current?financial crisis and would become more competitive through structural reforms.

Regarding the Euro-zone, the Greek Premier said that member-states should demonstrate fiscal responsibilities and properly handle their debt and deficit problems.

In his opening address during a discussion on economic reforms in the European Union, the Greek Premier recalled that a year ago people asked if Greece would default.

Now he gave his answer, "We took all measures with responsibility, we did our duty. We emphasised full transparency and already we are one of the most transparent countries in the world." He continued, "We cut the deficit by 6%, resolved the pension problem and are opening up closed professions. But markets have not reacted yet".

He?also said?that financial system should be more transparent and necessary tools should be put in place to calm the markets.