Greece is at crossroads, says new PM Lucas Papademos
Former European Central Bank vice-president Lucas Papademos has been asked by Greek President Carolos Papoulias to form a new government. The government will be sworn in around midday on Friday.
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Papademos, aged-64, enjoys high international regard for his financial expertise and is seen by many as the right man to steer Greece out of its worst post-war economic crisis.
His appointment was held up for four days amid political squabbling and over demands he reportedly made about holding elections later than the February date originally chosen
His new government has a number of hugely important issues on its agenda.
The first job is 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.
It must then force through painful austerity measures exacted as the price for a second EU bailout package which gives Athens 100 billion euros in loans, the same amount in debt reduction and a further 30 billion in guarantees.
Speaking after his appointment, Papademos said he was taking over at time when Greece was facing a number of “crucial” problems.
He added that the course ahead "would not be easy."
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