"Greece could default on its debts and even exit currency bloc if it cannot deliver reforms"

This quote by Lucas Papademos, the former Prime Minister of Greece, is a warning of the possible effects of Greece's failure to provide reforms. It suggests that if Greece does not take the required steps to reform its economy, it might default on its debts and even leave the Eurozone. This would be a major blow to the European Union, as Greece is one of the founding members of the bloc. It would also have a substantial influence on the global economy, as Greece is a significant player in the European Union. The quote is a suggestion of the value of reform in order to guarantee the stability of the European Union and the worldwide economy. It is likewise a warning to Greece that it should take the needed actions to reform its economy in order to avoid a prospective default and exit from the Eurozone.