Banker is interim Greek PM
Source: Agencies |
November 11, 2011, Friday
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Print Edition
Print Edition
GREECE yesterday named former European Central Bank vice-president Lucas Papademos as head of a crisis government, ending a chaotic search for a leader to save the country from default, bankruptcy and an exit from the eurozone.
Papademos called on Greeks to unite behind him after months of divisive politicking, as he set 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 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 today, a presidential official said, after Papademos struck a deal on a 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 130-billion-euro (US$177 billion) bailout deal with the eurozone before calling an early election.
He cuts a grey and uncharismatic figure in the colorful and chaotic world of Greek politics, but has a reputation for being calm at a time when the nation is clamoring for stability.
Greeks reacted with exhausted relief that an internationally-recognized technocrat will be in charge after four days of often shambolic negotiations among party leaders on forming the coalition.
Costas Panagopoulos, head of pollster Alco, said: "After three days of farcical comedy, Greece today has a prime minister who is fully qualified to succeed in the task he has been assigned to.
"The fact that the parties finally managed to cooperate is also very positive. I hope that the big gap between political parties and Greek citizens will now start shrinking."
But analysts abroad were cautious about whether 64-year-old Papademos can impose the tough austerity required by the bailout deal on Greek people who have already staged a wave of strikes and protests against budget cuts and higher taxes.
Jennifer McKeown, senior European economist at Capital Economics in London, said: "It is going to be extremely difficult for them to implement these measures because there will be very strong public opposition to them.
"Some of these measures will be pushed through, but in the long run the situation will not improve until Greece leaves the eurozone and devalues its currency."
In a sign of the daunting problems yet to be faced, statistics service Elstat reported unemployment jumped to a record high of 18.4 percent in August - at the height of the tourism season when the rate traditionally falls - from 16.5 percent in July.
Papademos called on Greeks to unite behind him after months of divisive politicking, as he set 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 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 today, a presidential official said, after Papademos struck a deal on a 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 130-billion-euro (US$177 billion) bailout deal with the eurozone before calling an early election.
He cuts a grey and uncharismatic figure in the colorful and chaotic world of Greek politics, but has a reputation for being calm at a time when the nation is clamoring for stability.
Greeks reacted with exhausted relief that an internationally-recognized technocrat will be in charge after four days of often shambolic negotiations among party leaders on forming the coalition.
Costas Panagopoulos, head of pollster Alco, said: "After three days of farcical comedy, Greece today has a prime minister who is fully qualified to succeed in the task he has been assigned to.
"The fact that the parties finally managed to cooperate is also very positive. I hope that the big gap between political parties and Greek citizens will now start shrinking."
But analysts abroad were cautious about whether 64-year-old Papademos can impose the tough austerity required by the bailout deal on Greek people who have already staged a wave of strikes and protests against budget cuts and higher taxes.
Jennifer McKeown, senior European economist at Capital Economics in London, said: "It is going to be extremely difficult for them to implement these measures because there will be very strong public opposition to them.
"Some of these measures will be pushed through, but in the long run the situation will not improve until Greece leaves the eurozone and devalues its currency."
In a sign of the daunting problems yet to be faced, statistics service Elstat reported unemployment jumped to a record high of 18.4 percent in August - at the height of the tourism season when the rate traditionally falls - from 16.5 percent in July.
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