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Edition: U.S. Article Comments (0) Full Focus Photos of the week Our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read Traffic light in Los Angeles despite "Carmageddon" 1:55pm EDT Casey Anthony scheduled to leave jail on Sunday 1:02pm EDT Flying sphere goes where humans fear to tread 14 Jul 2011 Court temporarily reinstates "Don't Ask, Don't Tell" 11:22am EDT SNAPSHOT-Developments in U.S. debt talks 9:04am EDT Discussed 121 Obama, lawmakers meet for 75 minutes on debt impasse 102 Obama and lawmakers regroup to seek debt deal 99 Obama asks lawmakers to gauge support for debt deal Watched Flying sphere goes where man fears to tread Thu, Jul 14 2011 Murdoch apologizes to phone hacking victims Fri, Jul 15 2011 Mexico's largest marijuana farm Fri, Jul 15 2011 Greek PM says time for Europe to wake up: report Tweet Share this Email Print Related News Euro, U.S. dollar destiny hinges on debt crises Fri, Jul 15 2011 Euro zone makes fresh bid to tackle Greek crisis Thu, Jul 14 2011 Europe at impasse on Greece, IMF backs investor role Wed, Jul 13 2011 Moody's cuts Ireland to junk, warns of second bailout Tue, Jul 12 2011 Europe considers Greek default, leaders to meet Tue, Jul 12 2011 Analysis & Opinion What Debt Ceiling? Italy can save itself to save euro zone Related Topics World » Greece » Greece's Prime Minister George Papandreou attends a parliament session in Athens June 30, 2011. Credit: Reuters/Yiorgos Karahalis ATHENS | Sat Jul 16, 2011 1:09pm EDT ATHENS (Reuters) - Greece's Prime Minister George Papandreou ruled out bankruptcy for his debt-choked country and said it was time for Europe to wake up and take brave decisions, according to a newspaper interview to be published on Sunday. Ahead of a summit of euro zone leaders on July 21 to discuss a second bailout for Greece, Papandreou said his government had taken the necessary decisions, however difficult they were, to deal with the crisis, and it was Europe's turn to do the same. "We managed not to let Greece go bankrupt, and neither will it go bankrupt," Papandreou was quoted as saying by Greek newspaper Kathimerini, referring to whether credit rating agencies could find Greek debt to be in "selective default." "For a year and a half now, I've been continuously reiterating to our partners that we must collectively take brave decisions, not just for the future of Greece but of Europe as a whole. It is time for Europe to wake up," he added. With sovereign debt jitters having reached Italy, the euro zone's third-largest economy, Europe's leaders are struggling to agree on how to provide new aid for Greece to prevent contagion from spreading further in financial markets. 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 thoughts 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. "Now everybody understands that Greece needs to be helped to exit recession as soon as possible. The relevant negotiations are making progress, and I hope they are completed as soon as possible," Papandreou said. A bond buyback is more likely than the other options that euro zone finance ministers have discussed and would allow Greece to cut its public debt by 20 billion euros if purchases were made at market prices, German magazine der Spiegel said on Saturday. (Reporting by Greg Roumeliotis, editing by Jane Baird) World Greece Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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