Thursday, November 10, 2011

New prime minister named in Greece

By Waldirene Biernath

Source: Google images
Lucas Papademos is the Greece' s new interim Prime Minister
Former European Central Bank vice-president, Lucas Papademos has been named as Greece's new prime minister after several days of negotiations.

Greeks hope the news will provide the stability to get them through their debt crisis.

Mr Papademos will head an interim government being formed to make sure debt-laden Greece gets its latest bailout payment, and to approve a new 130bn euro international rescue package from eurozone partners and the International Monetary Fund.

The drama in Greece has shaken international markets, as investors fear the new bailout deal negotiated with European leaders late last month - which has stringent austerity measures attached - may not be implemented.

Mr Papademos will replace Greece's outgoing prime minister George Papandreou who announced he was resigning after a disastrous call for a referendum on the eurozone rescue package.

The new prime minister will face a confidence vote before parliament, which is expected to happen on Monday, Greek state TV reported.


bailout (noun): money that someone gives or lends to a person or organization with financial problems;
stringent (adjective): stringent rules or conditions are strict and make you achieve high standards;
measures (noun): an action that is intended to achieve or deal with something; a system used for expressing a particular quantity.

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