Ex-Banker Papademos Named Greek PM

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Former European Central Bank Vice President Lucas Papademos was named Prime Minister of Greece on Thursday following days of negotiations.

Papademos will be sworn in on Friday at 12:00 GMT. His appointment comes four days after George Papandreou agreed to step down amidst turmoil in the Greek government.

Addressing his appointment, the 64 year old Papademos said:

“The course will not be easy, but the problems, I’m convinced, will be solved. They will be solved faster, with a smaller cost, and in an efficient way if there is unity, agreement, and prudence.”

Background on Papademos

Lucas Papademos received a Bachelor of Science in physics, Master of Science in electrical engineering, and a PhD in economics, all from the Massachusetts Institute of Technology. He taught economics at Columbia University from 1975 until 1984, then at the University of Athens from 1985 to 1993. He also served as a senior economist at the Boston Federal Reserve Bank in 1980. Following his work in education, he was the Governor of the Bank of Greece from 1994 until 2002, when he was appointed Vice President of the European Central Bank. He served this post until 2010, when he left to become an economic advisor for Papandreou.

As a condition of his position as PM, Papademos has asked the Greek government to postpone their elections, which were planned for February, as he required at least six months in office to sort out the situation.

Papoulias and Papendreou Comment

A written statement from the office of Greek President Karolos Papoulias was read live on television, confirming Lucas Papademos as the choice for Prime Minister. The statement made it clear that the primary goals of the interim government “will be the implementation of the decisions of the European Union summit of October 26 and the policies that are connected to it.”

The deal which the president’s office is referring to is the €130 billion deal agreed upon in Brussels only days ago.

In a speech before meeting with the president, Papendreou spoke in a televised address:

“Today, we leave aside our differences,” he said, heralding “a common effort to ensure the country moves forward, not only to remain part of the euro zone but also to emerge from the crisis.”

References
 Greece Selects a Prime Minister After Days of Wrangling
 Lucas Papademos Named as New Greek prime minister
 Mr. Lucas Papademos
 Greece Selects a Prime Minister After Days of Wrangling
 Ex-Banker Papademos is New Greek Prime Minister
 Greek Leaders Resume Talks on Interim Government

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