Outgoing Greek PM says rejecting bailout agreements would be disastrous

Greek former prime minister Lucas Papademos said on Thursday that rejecting the tough terms of EU-IMF bailout would be “disastrous”.

“Any modification…must be pursued in a spirit of consensus and with the full agreement of European peers,” Papademos said in an open letter posted on the prime minister’s website.

“A unilateral rejection of the country’s contractual obligations would be disastrous for Greece, leading unavoidably outside the euro and possible outside the European Union,” he warned.