Greek PM says time for Europe to wake up

Papandreou said that several of the options that he had suggested and were rejected a year and a half ago, such as buying back debt, issuing common euro zone bonds and keeping credit rating agencies in check, were now on Europe's negotiating table.

"In an ultraconservative Europe, I would even say phobic, the truth is it took time for these t houghts to mature with our partners and for them to be convinced that these proposals are not an alibi in order to avoid our own responsibilities," Papandreou said in the interview.

Greece's total outstanding debt is around 370 billion euros ($523 billion). Most economists regard the debt burden, at around 160 percent of gross domestic product, to be unsustainable as it stifles growth, with the economy seen contracting by nearly 4 percent this year after a 4.5 percent slump last year.

For more: Greek PM says time for Europe to wake up: Paper - The Economic Times