New PM: Papademos named Greece interim PM
Greece named former European Central Bank vice-president Lucas Papademos on Thursday to head a crisis government, ending a chaotic search for a leader to save the country from default, bankruptcy and an exit from the euro zone.
A sombre Papademos called on Greeks to unite behind him after months of divisive politicking, as he sets about securing a bailout from the European Union that will impose yet more hardship on a nation already suffering soaring unemployment.
“The Greek economy is facing huge problems despite the efforts undertaken,” Papademos said as he emerged from the coalition talks brokered by President Karolos Papoulias.
“The choices we make will be decisive for the Greek people. The path will not be easy but I am convinced the problems will be resolved faster and at a smaller cost if there is unity, understanding and prudence.”
The coalition will be sworn in at 1200 GMT on Friday, a presidential official said after Papademos struck a deal on the national unity government with outgoing Prime Minister George Papandreou and the opposition leader.
Papademos, a respected figure in European capitals and on financial markets, said the coalition had the specific task of implementing a $177 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 stability.
Published in The Express Tribune, November 11th, 2011.
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Greece has to tackle its crony capitalism, a Byzantine tax system, excessive regulation, and a bloated public sector. Papademos has good contact to the European Central Bank and is under the gun to fire a silver bullet, but the economic recovery wouldn't come easy. The Euro was seen as a crowning achievement of Europe's unity. Now as the ship is sinking its ballast is just a burden. Greece was brought into the Eurozone by the Pasok Party in 2001, which is also running the country now. It didn't make the first round in 1999. Under the auspices of champagne socialism and with much help from friends like the flamboyant chancellor Gerhard Schröder of Germany, Europe's big brother, it made the second round in 2001, despite protests from the opposition, Angela Merkel's party. Later it turned out that Greece cheated its way in by producing false statements. The government had lived far beyond its means. Now to get the financial aid, it wants to introduce austerity measures. The Greeks reject them and take to the streets. One fine day the straw would breakt the camel's back and some forces would hijack these grievance as an excuse for a coup. Greece saw a coup in 1967 and was unter military rule for 7 years. The new Junta could dismiss all obligations with the E.U. and the creditors, as a way to give the country a new start. Maybe Greece could need a paradigm shift to solve its crisis.