Greece must not slow reforms: Barroso

(ATHENS) - European Commission President Jose Manuel Barroso on Wednesday urged Greece to stay the course of painful economic reforms as he inaugurated the country's six-month stint in the rotating EU presidency.

"This is not the time to slow down the pace of reforms," Barroso said, adding: "My point is very clear: (adjustment) programmes work, so we should not waste the efforts so far."

The Greek presidency is expected to focus on growth and jobs, the implementation of a historic banking union thrashed out by finance ministers at the end of 2013, as well as immigration and maritime policy.

However, the main event are European parliament elections to be held across the bloc in May.

Greece itself is heading into the new year with some optimism following six years of recession, with Samaras predicting the crisis-hit economy would need no further aid after it exits its bailout programme in 2014.

But others strongly believe that Greece's weakened economy will require more EU-IMF assistance.

Greek Prime Minister Antonis Samaras said the presidency inauguration was "a special day" for all Greeks.

"Greece is now back on its feet, Europe knows the way," the PM said.