New Greek govt takes over, former banker at helm

World

New Greek govt takes over, former banker at helm

Close

Greece's new PM Lucas Papademos assumed power at the helm of an interim coalition government.

12 November,2011 05:32 am

Greeces new technocrat Prime Minister Lucas Papademos assumed power Friday at the helm of an interim coalition government that will seek to push through tough economic reforms and ensure the country avoids a catastrophic default.Papademos, a former European Central Bank vice president, leads a government including ministers from three parties.Although the vast majority of posts are retained by members of outgoing Prime Minister George Papandreous Socialists, the bitter rivalry between that party and the conservatives of Antonis Samaras is being at least temporarily set aside asGreeces politicians struggle to put the country back on track financially and ensure it can retain its cherished position in the eurozone.The new cooperation government will do the best it can to address the countrys problems, and I believe that with the cooperation of all and the new government stresses this and the unity of all, we will achieve that, Papademos told Papandreou.Finance Minister Evangelos Venizelos retained his post, the conservatives got the key positions of foreign affairs and defense, and ministerial positions also went to members of a small right-wing party with nationalist leanings.We can all together, under conditions of national unity and social cohesion, overcome the crisis, implement a tough programme that requires sacrifices, but that at the end opens up prospects, hope, for the rebuilding of the country and the economy, Venizelos said.Papademos who was appointed Thursday after two weeks of political turmoil that infuriated European leaders, horrified Greeks and led to mayhem on international markets must now ensure his government passes Greeces latest debt deal: a €130 billion ($177 billion) agreement reached by the European Union on Oct. 27.