Lucas Papademos Heads Interim Greek Government

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11 November 2011

Lucas Papademos
(ATHENS, Greece) -- Former European Central Bank vice-president, Lucas Papademos, will lead a coalition government in an attempt to secure the nation’s economy. The government will attempt to push through reforms to avoid a default in December. Papademos’s term is likely to only last until February when new elections are expected. He will likely have to balance demands of the leading political parties including the conservatives who wish to cut taxes to rebuild the economy. Many European heads of state have expressed their congratulations to Papademos. They have also stated they hope the new government is able to approve the bailout package to ensure the country stays in the Eurozone.

Comment – On 17 November, the next loan tranche for Greece is due to be released. Instead of having one party in control with opposition, there is now a coalition government that must please several interests. To secure the funds, Greece would have to agree to cuts that are widely opposed by members of the government as well as the public. Greece is set to run out of money by the middle of December if it does not secure more financing. It is possible the purpose of the interim government is to make unpopular decisions. It seems unlikely that anyone currently in power will remain after February elections.

Source:
http://www.washingtonpost.com/world/europe/state-tv-new-greek-cabinet-named-with-finance-minister-evangelos-venizelos-retaining-key-post/2011/11/11/gIQADxhzBN_story.html

Reliability: 8

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