Papademos confirmed as new PM - The Best from Greece

The will-he, won’t-he saga of whether Lucas Papademos would assume the leadership of the transitional government was finally settled shortly after 2.30pm on November 10 when the former ECB vice-president was confirmed as the country’s next prime minister.

 

The formalities of the resignation of outgoing ministers and swearing-in of the new government are expected to be completed on Friday, with a view to the holding of vote of confidence in parliament possibly as early Monday.

 

"The Greek economy is facing huge problems despite the efforts undertaken," Papademos said in his first public remarks. "The choices we will make will be decisive for the Greek people. The path will not be easy but I am convinced the problems will be resolved faster and at a smaller cost if there is unity, understanding and prudence."

 

 

After the fractious negotiations of the past four days, talks resumed promptly on the morning of November 10 with outgoing Prime Minister George Papandreou, main opposition New Democracy leader Antonis Samaras and rightist Laos head Yiorgos Karatzaferis joining President Karolos Papoulias.

 

Karatzaferis had stormed out of the presidential palace the previous night as talks broke down yet again, accusing Papandrou and Samaras of playing “political games” and making a mockery of Papandreou’s earlier announcement that he was stepping down and giving his backing to a new leader.

 

Five other names were linked with the role, with parliamentary speaker Filippos Petsalnikos viewed to be the chosen one referred to in Papandreou’s televised address.

 

That, however, was before both Pasok and New Democracy members voiced their disapproval of the choice of current parliamentary speaker Petsalnikos, allowing Papademos – an early front-runner – to came back into the race.

 

A former ECB vice-president and governor of the Bank of Greece, he fulfills the role of technocrat (called for by Samaras) and safe European bailout negotiator (sought by Papandreou and other political leaders).

 

Papdemos had, however, apparently laid down three important preconditions to his involvement that Samaras was opposed to.

 

Specifically, he wanted both major parties within the coalition (Pasok and ND) to sign up to the expected terms of the October 26-27 bailout, the new government to contain a significant ND representation, and that the next general election be delayed beyond the February 19 date mooted by both Papandreou and Samaras.

 

The new government is expected to include at least four New Democracy members, although Papademos insisted in a short address to the media that no conditions had been agreed by the coalition parties.