Papademos Named As Greece’s New Prime Minister

Former European Central Bank vice-president Lucas Papademos has officially been named Greece’s new prime minister. Greek state newspaper To Vima reported the choice earlier today, without citing any sources, with confirmation of Papademos’s role coming from the Greek president’s office later on.

Papademos will head an interim government being formed to make sure Greece secures its latest bailout payment, and that its troika of lenders — the European Union, European Central Bank, and International Monetary Fund — approve a new 130 billion-euro rescue package.

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“The president, after recommendations by political leaders who attended the meeting, has instructed Lucas Papademos to form a new government,” the president’s office said in a statement after talks between political leaders from the government’s three main parties and Papademos.

Papademos will replace outgoing Prime Minister George Papandreou, who announced on Sunday that he would resign in order to ensure the government is able to pass crucial financial reforms.

The new government will be sworn in at 12:00 GMT on Friday.