Greece says it will stay in Eurozone

Greek Prime Minister George Papandreou says his country is being unfairly targeted as a "weak link" in the Euro zone. But he added there are no plans to pull out of the bloc, saying the zone would help restore stability.

George Papandreou, Greek Prime Minister, said, "It's absurd to think that we'd be outside the Eurozone. There's a lot of rumors and speculation which has nothing to do with reality. We're a very serious government, ready to put our house in order and we will do so and we will move ahead."

Spanish Prime Minister Jose Zapatero backed Papandreou, insisting no country was planning to leave the euro currency bloc or the broader European Union.

Spain and Greece have recently come under immense pressure due to their declining economies. But Zapatero said that while all the countries in the Eurozone needed to work to be more internationally competitive, it would not sacrifice its social cohesion.

George A. Papandreou, Prime Minister and Minister of Foreign Affairs of Greece, gestures during the session entitled  'rethinking the eurozone', at the World Economic Forum in Davos, Switzerland, Thursday, Jan. 28, 2010. (AP Photo/Anja Niedringhaus)