Greek election about austerity, not the euro: Former PM

With the result of Greek elections just hours away, former Greek Prime Minister George Papandreou said that the result will reflect the pain of austerity, rather than a rejection of Greece`s membership in the euro zone.

"The Greek people overwhelmingly support Greece`s membership in the euro," Papandreou told CNBC.com in a statement. "And we know that changes, such as deeper transparency, rule of law and competitiveness must continue. I am sure this would have been born out had we proceeded with a referendum in Greece on the above," he said. Socialist Papandreou came into power in 2009, pledging to spend his way out of Greece`s dire economic situation. Two years later, he was forced out after he endangered a national bailout by announcing he would put it to a referendum. Investors and political leaders across Europe are worried that big gains by smaller fringe parties could make it difficult for a new government to be formed following Sunday`s vote, and Papandreou believes the European Union will have to work with Greece on areas such as social cohesion and investment in order to ensure people find work. "I have advocated this as part and parcel of our response to the crisis of the euro from the time I took office, realizing that beyond our country`s responsibilities, the crisis was also European," Papandreou said. "I now hope that we will collectively muster the will for the new deal for growth and social cohesion policies in the EU," he said. "This will be a positive signal towards our people and the international business community." Copyright 2011 cnbc.com