New PM: Papademos named Greece interim PM
Coalition to be sworn in on Friday.
ATHENS:
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.
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.