There is “no plan B” for Greece to avoid default, European Union Economic and Monetary Commissioner Olli Rehn said.

“This week Greece faces a critical juncture,” Rehn said in a statement issued today in Brussels. “Both the future of the country and financial stability in Europe are at stake. I fully respect the prerogatives and the sovereignty of the Greek Parliament in the ongoing debate. And I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default.”

The only way to avoid immediate default is for the Greek Parliament to endorse the revised economic program, Rehn said. That includes both the medium-term fiscal strategy and the privatisation program. They must be approved if the next tranche of financial assistance is to be released, Rehn said.

“To those who speculate about other options, let me say this clearly: there is no Plan B to avoid default,” Rehn said. “The European Union continues to be ready to support Greece. But Europe can only help Greece if Greece helps itself.”