×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Greece names Papademos as new PM

Greece names Papademos as new PM
Comment E-mail Print Share
First Published: Thu, Nov 10 2011. 06 40 PM IST

Lucas Papademos is being hailed as the “new Prime Minister-in-waiting”. Photo: Bloomberg
Lucas Papademos is being hailed as the “new Prime Minister-in-waiting”. Photo: Bloomberg
Updated: Thu, Nov 10 2011. 06 40 PM IST
Athens: Former European Central Bank (ECB) vice-president Lucas Papademos will head Greece’s new crisis coalition, the President’s office said on Thursday, charged with saving the country from default, bankruptcy and an exit from the euro zone.
Lucas Papademos is being hailed as the “new Prime Minister-in-waiting”. Photo: Bloomberg
The coalition will be sworn in at 05:30 pm on Friday, an official in the President’s office said.
Papademos, a respected figure in European capitals and on financial markets, will lead a national unity government that must sign up to a €130 billion bailout deal with the euro zone before calling an early election.
He cuts a grey and uncharismatic figure in the colourful and chaotic world of Greek politics, but also has a reputation for being calm at a time when the nation is clamouring for some kind of stability.
“He’s a clear policy thinker. He was never involved in politics. He knows what needs to be done,” said Thanos Papasavvas, head of currency management at Investec Asset Management in London.
In a sign of the daunting problems he will face, the statistics service ELSTAT reported that unemployment jumped to a record high of 18.4% in August - at the height of the tourism season when the rate traditionally falls - from 16.5% in July.
The appointment of Papademos followed four days of sometimes chaotic talks led by outgoing Prime Minister George Papandreou and conservative opposition leader Antonis Samaras.
Comment E-mail Print Share
First Published: Thu, Nov 10 2011. 06 40 PM IST
More Topics: Greece | Papademos | ECB | EU | Euro Zone |