Forex News – Greece’s interim PM sworn in today, forms new cabinet

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The newly appointed interim Prime Minister of Greece, Lucas Papademos was officially sworn into office today. The former European central banker and Harvard Professor was finally chosen yesterday after four days of long negotiations by Greek political officials. He is expected to bring some political stability to a country that is on the brink of bankruptcy.

Papademos appointed a new cabinet that will implement the country’s latest €130 billion (about $177 billion) bailout before leading the country to general elections that are expected to be held in January.

The cabinet includes appointees from both of Greece’s two major political parties—the majority Socialists party that was ruling and the opposition New Democracy party—as well as from the small nationalist Laos party, which will also be participating in the new coalition government.

All but three of the 16 cabinet positions remained with the Socialist, or Pasok party, including the finance ministry to which Evangelos Venizelos was reappointed as finance minister.

However the New Democracy party also took control of two key ministries, which are foreign affairs and defense ministries, as well as appointed several of its people as deputy ministers.

The small nationalist Laos party, which is also participating in the coalition government, was also given a ministerial post, marking its first time in government.