Arab Today, arab today papademos takes the helm in troubled greece
Last Updated : GMT 15:52:51
Arab Today, arab today
Arab Today, arab today

Papademos takes the helm in troubled Greece

Arab Today, arab today

Arab Today, arab today Papademos takes the helm in troubled Greece

Athens - AFP

Greece\'s new unity government headed by Lucas Papademos took office on Friday to save the debt-stricken nation from bankruptcy after a historic power-sharing deal struck between warring parties. Papademos, 64, a former vice-president of the European Central Bank, will lead a transition government which will have to ratify a crucial 130-billion-euro ($178 billion) international bailout and pave the way for new elections. \"The new government of cooperation will do the best it can possibly do to address the country\'s problems,\" the new interim PM said during a meeting with outgoing prime minister George Papandreou. \"I believe that with cooperation from all, this is what the new government of wider cooperation highlights, and with unity, we will achieve the results (desired),\" he said. Papademos was welcomed with relief in a country exhausted by two years of austerity and exasperated by political squabbling over cutbacks demanded by its global creditors, the European Union and the International Monetary Fund. Finance Minister Evangelos Venizelos, 54, kept his post in the incoming team which includes a former EU commissioner and several far-right lawmakers, a first since democracy was restored in 1974 after the fall of an army dictatorship. Ex-EU environment commissioner Stavros Dimas, 70, takes over the foreign ministry under a power-sharing deal between the socialist Pasok party, the conservative New Democracy and the nationalist Laos party. Twelve members of the outgoing socialist administration retained their posts, while the conservatives were also given the defence ministry, which will be run by ex-Athens mayor and former career diplomat Dimitris Avramopoulos, 58. The nationalists received the infrastructure ministry and three junior ministry positions. The new infrastructure minister, 47-year-old Makis Voridis, is a trained lawyer who formerly headed the Hellenic Front, a fledgling party with close links to the National Front movement in France. The new far-right deputy development minister in charge of shipping, 39-year-old Adonis Georgiadis, until recently ran a publishing house whose editions include an anti-Semitic pamphlet and books on ancient Greek history. The Athens stock exchange, flat since the morning, closed 0.86 percent down. The swearing-in ceremony was delayed by two hours owing to last-minute negotiations between the three coalition partners, reports said. The new government\'s first job will be to persuade the European Union and International Monetary Fund to disburse an eight-billion-euro slice of aid from a 2010 bailout deal that is needed by December 15 before state coffers run dry. Then it must force through painful austerity measures exacted as the price for a second EU rescue package which gives Athens 100 billion euros in loans, the same amount in debt reduction and a further 30 billion in guarantees. Also tasked with holding early elections as soon as the EU deal is ratified by parliament, the new administration can count on the support of 254 deputies in the 300-seat parliament. Papademos, who played a crucial role in Greece\'s entry into the eurozone nearly a decade ago, emphasised its benefits after weeks of speculation that Greece\'s problems could force it out of the 17-nation currency club. \"The Greek economy is facing huge problems despite the enormous efforts made... Greece is at a crucial crossroads,\" he said after being named prime minister on Thursday. \"The course will not be easy.\" In a telegram to the new premier, German Chancellor Angela Merkel said that Berlin would \"stand by\" Athens as it grapples with its debt crisis. The European Commission has warned that Greece has no hope of climbing out of recession next year, tipping a 2.8 percent contraction. Papademos\'s appointment took four days of talks between the top two parties -- the outgoing socialist Pasok and opposition conservative New Democracy -- after the embattled Papandreou pledged on Sunday to step down. Papandreou\'s position as prime minister had become untenable after he shocked his European partners with a call last month for a referendum on the bailout deal. He was admonished by EU leaders at the G20 summit and returned home to a party revolt. There was also simmering anger towards two years of austerity policies -- which Papandreou\'s successor is bound to continue -- with protesters even disrupting nationwide parades last month in honour of Greece\'s wartime resistance. The last unity government in Greece in 1989 was also headed by an eminent economy expert, former bank of Greece governor Xenophon Zolotas, and only lasted three months.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today papademos takes the helm in troubled greece Arab Today, arab today papademos takes the helm in troubled greece

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday