Business World

Sunday 25 February 2018

Former banker Lucas Papademos announced as new Greek prime minister reporters and Damien McElroy

FORMER European Central Bank vice-president Lucas Papademos is to be Greece’s new prime minister.

Earlier today Greek opposition leaders caved in to pressure to join the coalition cabinet, clearing the last obstacle to a deal which would see Mr Papademos lead the country to implement austerity.

Outgoing prime minister George Papandreou held an emergency cabinet meeting to brief members on the deal and accept the resignation of his socialist team.

A spokesman for Antonis Samaras, the conservative opposition leader, said the party had reversed its position that it would not serve in the government, just support its parliamentary agenda.

The former European Central Bank vice-president Mr Papademos set a series of demands that prevented agreement between the two main parties on Monday.

State television channel NET said Papademos wanted to extend the new government's term to beyond February 19, a date tentatively set for a fresh round of elections, and appoint opposition conservatives to the new cabinet.

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