Forex Breaking News – Lucas Papademos to become new Prime Minister of Greece

Important: This page is part of archived content and may be outdated.

After four days of talks on who to appoint as new Prime Minister of Greece, Lucas Papademos has been chosen to replace outgoing George Papandreou.

The former ECB vice president and central bank of Greece governor will be sworn in on Friday.

“It’s finally over, we have a new prime minister,” a senior socialist party official said.

An official from the conservative opposition party said an “agreement has been reached on Mr. Papademos to become prime minister and he has accepted.”

“Senior members from both parties will make up Mr Papademos’ cabinet,” he added.

Most recently Papademos was a visiting professor at Harvard University in Cambridge, Massachusetts, during the past 18 months. He hods a doctorate in economics from MIT in the U.S. and has taught economics at Columbia University in New York from 1975 to 1984 and at the University of Athens from 1988 to 1993. He also worked as an economist at the U.S. Federal Reserve Bank of Boston.

He is considered to be the right man for the job and holds the right qualifications and experience to steer the debt ridden nation on the right track and implement the new economic reforms agreed upon at the EU Brussels Summit on October 26.

Ironically Papademos was the one who, as central bank governor, helped bring Greece into the euro zone,and now he has to save the country and keep it in the euro zone.