Lucas Papademos Named New Greek Prime Minister
The talks came after current Prime Minister, George Papandreou, and his political party accepted the terms of an interim government that would have the interests of both parties in mind in an attempt to escape further damage done by Greece's debt.
From The Wall Street Journal:
For Mr. Papademos, the challenges begin immediately. He takes over an economy that is mired in recession, with unemployment at record highs and a government that has only enough cash to last it for the next few weeks.
His first task will be to secure a badly needed €8 billion ($10.8 billion) aid tranche promised to Greece by the country's European partners and the International Monetary Fund. But its disbursement has been left in doubt by the political turmoil that has gripped Athens since early last week.
Papademos has already earned trust across the continent for his work with the ECB, and now some analysts say it's a solid leader that Greece needs desperately.
From The New York Times:
“Greece needs some reliable figure in the next three months, especially for the Europeans,” said Dimitris Drakopoulos, an analyst at Nomura in London. But reassuring skeptical foreigners is only part of the job that awaits the person who succeeds George A. Papandreou. It is less certain whether Mr. Papademos, who is not known as an inspiring public speaker, can lift the spirits of desperate Greeks who have endured two years of relentless austerity.
“He is a very methodical person and a very reserved and cautious person,” said Michalis Haliassos, a professor of economics at the University of Frankfurt who knows Mr. Papademos. “He is not the type of person to go out on the balcony and address the masses.”
Papademos and the rest of Greece's new government will be sworn in Friday afternoon.
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