Greek Prime Minister Lucas Papademos highlighted the importance of the membership of Greece in the euro area and the commitment of his country to the fiscal reforms needed to slash the huge budget deficit in the letter sent by Greece to international lenders on Tuesday.

Papademos said participation in the euro area ensures the preservation of price stability promotes financial and economic stability and facilitates the implementation of the deep and broad reforms required for the revival of the economy.

Also, he revealed that the government is determined to continue the process of fiscal consolidation and structural reform in order to secure sound public finances and improve the country's international competitiveness.