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Greek PM shuffles cabinet positions
Source: Agencies |
September 8, 2010, Wednesday
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GREECE'S new cabinet was sworn in yesterday after a late night reshuffle focused on battling the country's debt crisis, with Prime Minister George Papandreou retaining his finance minister but changing other key posts.
The reshuffle was Papandreou's first since he came to power after sweeping elections last October. Greece's debt crisis broke out soon after, when the newly elected Socialists revealed that the country had been fudging statistics.
The country found itself on the brink of default earlier this year and had to call on the European Union and International Monetary Fund for help. It is now receiving rescue loans from a 110 billion euro three-year EU and IMF package, and has promised to reduce its budget deficit from 13.6 percent of gross domestic product in 2009 to 8.1 percent this year. So far, the Finance Ministry says it is slightly ahead of its targets.
Under the changes, Papandreou replaced his development, labor and health ministers to better tackle long-standing problems in the social security and health sectors. He gave up the foreign minister post that he had held, promoting his deputy to that position, but retained George Papaconstantinou in the key job of finance minister.
The reshuffle was Papandreou's first since he came to power after sweeping elections last October. Greece's debt crisis broke out soon after, when the newly elected Socialists revealed that the country had been fudging statistics.
The country found itself on the brink of default earlier this year and had to call on the European Union and International Monetary Fund for help. It is now receiving rescue loans from a 110 billion euro three-year EU and IMF package, and has promised to reduce its budget deficit from 13.6 percent of gross domestic product in 2009 to 8.1 percent this year. So far, the Finance Ministry says it is slightly ahead of its targets.
Under the changes, Papandreou replaced his development, labor and health ministers to better tackle long-standing problems in the social security and health sectors. He gave up the foreign minister post that he had held, promoting his deputy to that position, but retained George Papaconstantinou in the key job of finance minister.
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