George Papandreou, prime minister of Greece, said the country is not planning to restructure debt and instead will turn to international capital markets. "We are not going to default," Papandreou said. "Default would be a tragedy." Some critics have said Greece needs to restructure debt or face an inevitable default. "If we were going to default, we would have decided that many months ago," Papandreou said. "It would be wrong for the Greek economy; it would be wrong for the European economy; it would make things worse in the end. That's why we're taking the pain and making these structural reforms, and we're on target."
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