Greek Prime Minister Papademos, in an interview, clarified that leaving the euro area membership and coming back to the drachma is not a solution to the crisis.

He said this is really not an option, stating that the government as well as most of Greek people are in favor of remaining in the euro zone, and he is confident that his country can achieve this goal which will start by avoiding a possible default through repaying 14.5 billion euro debt in March.

Yet, Greece has to first convince private sector debt holders to accept 50% haircut of the debt then secondly it has to start a 4-year convincing and decisive plan for the IMF and EU in order to become eligible for receiving the second bailout worth 130 billion euros.

This week Greece will resume talks with private sector debt holders, specifically on January 18 after the halt of the negotiations on January 13, to reach an agreement over the size of losses to be bared by creditors to avert a possible default as early as in March.

German Chancellor Angela Merkel is putting pressure on both sides to struck a deal as she aims to save the euro since a Greek default would spread the debt contagion to other euro area nations and will have other negative consequences.