News / Europe

Greece Has Interim PM; Italy's Berlusconi Survives Vote

European Central Bank Vice President Lucas Papademos listens during a economics conference in Vienna, Austria, May 14, 2009 (file photo).
European Central Bank Vice President Lucas Papademos listens during a economics conference in Vienna, Austria, May 14, 2009 (file photo).

State-run Greek television is reporting that economist Lucas Papademos will be the country's interim prime minister as the debt-ridden country struggles to meet the demands of international creditors.

Socialist Prime Minister George Papandreou, who is resigning as the country's leader, worked on an agreement Tuesday night with opposition leader Antonis Samaras on a power-sharing coalition government to serve until national elections early next year.

There was no official announcement on a new prime minister. The European Union demanded that top Greek officials sign a written commitment to carry out unpopular austerity measures as part of the debt-relief plan approved last month for Greece. Samaras balked at a written statement, saying that it was a matter of "national dignity," and that his verbal assent to the plan ought to be sufficient.

Europeon Debt to GDP Ratio


Papademos, a former vice president of the European Central Bank, is viewed as a technocrat, and a non-partisan personality who can carry out the austerity measures that the international creditors are demanding Greece impose in exchange for more financial aid.

Eyes on Italy

Prospective Greek PM Lucas Papademos Has Vast Experience as Economist
  • Papademos has degrees in physics, electrical engineering, economics from Massachusetts Institute of Technology in the U.S.

  • Papademos is said to be well-respected in European governmental circles, particularly in Germany and France, two biggest economic powers in 17-nation bloc that uses euro currency.
  • He has emphasized need for governments to take control of their own debts, something that is likely to endear him to northern European leaders who have grown weary about dealing with Greece's debt crisis.
  • At various times, Papademos has worked as senior economist at U.S. Federal Reserve Bank in Boston and served as a Governor of the Bank of Greece. From 2002 to 2010 he was vice president of European Central Bank. He has taught economics classes at Columbia University in New York and at the University of Athens.

  • As speculation mounted about him taking over as the Greek prime minister, he flew home from his current academic posting as visiting professor of public policy at Harvard University in U.S.

  • Harvard says he is scheduled to teach a class in upcoming academic term called "The Global Financial Crisis: Policy Responses and Challenges."

State-run Greek television is reporting that economist Lucas Papademos will be the country's interim prime minister as the debt-ridden country struggles to meet the demands of international creditors.


Socialist Prime Minister George Papandreou, who is resigning as the country's leader, reached agreement Tuesday with opposition leader Antonis Samaras on a new coalition government to serve until national elections early next year.

Papademos, a former vice president of the European Central Bank, is viewed as a technocrat, and a non-partisan personality who can carry out the austerity measures that the international creditors are demanding Greece impose in exchange for more financial aid.

Eyes on Italy

The European debt crisis also took center stage in Rome, where Italian Prime Minister Silvio Berlusconi survived a key parliamentary vote Tuesday, but without a majority. In what amounted to a test on his continued rule, the Italian leader got 308 votes, while 321 abstained. Opposition lawmakers immediately called for his resignation.

Italy is faced with imposing spending cuts to control the country's $2.6 trillion debt. European leaders are worried that Italy, with Europe's third largest economy, could be the next country to need an international bailout, but that the size of the financial assistance could be too big for the European Union to handle.

In Greece, Papandreou demanded the resignations of his cabinet as he moved toward agreement on the coalition government.

Brussels sits tight

European finance ministers were waiting for the formation of a new government in Greece before deciding whether to hand the country another $11 billion segment of its 2010 bailout.

Papandreou is stepping down in favor of a short-term coalition government after abandoning his call a week ago for a referendum on the European Union debt-relief plan to help solve Greece's financial woes. In Washington, the White House on Monday said it welcomed the Greek consensus on creating a new government and urged that it quickly implement financial reforms.

The European debt crisis also took center stage in Rome, where Italian Prime Minister Silvio Berlusconi survived a key parliamentary vote Tuesday, but without a majority. In what amounted to a test on his continued rule, the Italian leader got 308 votes, while 321 abstained. Opposition lawmakers immediately called for his resignation.

Italy is faced with imposing spending cuts to control the country's $2.6 trillion debt. European leaders are worried that Italy, with Europe's third largest economy, could be the next country to need an international bailout, but that the size of the financial assistance could be too big for the European Union to handle.

Brussels sits tight


As Italy's financial fortunes weakened, its borrowing costs soared to record highs Tuesday. Interest rates on Italian bonds neared 7 percent, a threshold that forced Greece, Ireland and Portugal to seek international bailouts in the last year and a half.

In Greece, Papandreou demanded the resignations of his cabinet as he moved toward agreement on the coalition government.

European finance ministers were waiting for the formation of a new government in Greece before deciding whether to hand the country another $11 billion segment of its 2010 bailout.  
Papandreou is stepping down in favor of a short-term coalition government after abandoning his call a week ago for a referendum on the European Union debt-relief plan to help solve Greece's financial woes. In Washington, the White House on Monday said it welcomed the Greek consensus on creating a new government and urged that it quickly implement financial reforms.

Some information for this report was provided by AP, AFP and Reuters.

State-run Greek television is reporting that economist Lucas Papademos will be the country's interim prime minister as the debt-ridden country struggles to meet the demands of international creditors.

Socialist Prime Minister George Papandreou, who is resigning as the country's leader, reached agreement Tuesday with opposition leader Antonis Samaras on a new coalition government to serve until national elections early next year.

Papademos, a former vice president of the European Central Bank, is viewed as a technocrat, and a non-partisan personality who can carry out the austerity measures that the international creditors are demanding Greece impose in exchange for more financial aid.

Eyes on Italy

The European debt crisis also took center stage in Rome, where Italian Prime Minister Silvio Berlusconi survived a key parliamentary vote Tuesday, but without a majority. In what amounted to a test on his continued rule, the Italian leader got 308 votes, while 321 abstained. Opposition lawmakers immediately called for his resignation.

Italy is faced with imposing spending cuts to control the country's $2.6 trillion debt. European leaders are worried that Italy, with Europe's third largest economy, could be the next country to need an international bailout, but that the size of the financial assistance could be too big for the European Union to handle.

In Greece, Papandreou demanded the resignations of his cabinet as he moved toward agreement on the coalition government.

Brussels sits tight

European finance ministers were waiting for the formation of a new government in Greece before deciding whether to hand the country another $11 billion segment of its 2010 bailout.  

Papandreou is stepping down in favor of a short-term coalition government after abandoning his call a week ago for a referendum on the European Union debt-relief plan to help solve Greece's financial woes. In Washington, the White House on Monday said it welcomed the Greek consensus on creating a new government and urged that it quickly implement financial reforms.

You May Like

Multimedia Social Media Documenting, Not Driving, Hong Kong Protests

Unlike in Arab Spring uprisings, pro-democracy protesters in Hong Kong aren't relying on Twitter and Facebook to organize, but social media still plays a role More

Analysis: Occupy Central Not Exactly Hong Kong’s Tiananmen

VOA's former Hong Kong, Beijing correspondent compares and contrasts 1989 Tiananmen Square protest with what is now happening in Hong Kong More

Bambari Hospital a Lone Place of Help in Violence-Plagued CAR

Only establishment still functioning in CAR's second city is main hospital More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
The Legacy of Jimmy Carter: The Preacher from Plainsi
X
October 01, 2014 10:45 AM
It is common in the United States to see tourists flock to sites associated with America's presidents. Some are privately owned and others are run by the National Park Service or the National Archives -- but most have helped draw business and people into the towns and cities where they are located. As VOA’s Kane Farabaugh reports, there is one particular presidential hometown that is unique in what it has to offer those who make the trip.
Video

Video The Legacy of Jimmy Carter: The Preacher from Plains

It is common in the United States to see tourists flock to sites associated with America's presidents. Some are privately owned and others are run by the National Park Service or the National Archives -- but most have helped draw business and people into the towns and cities where they are located. As VOA’s Kane Farabaugh reports, there is one particular presidential hometown that is unique in what it has to offer those who make the trip.
Video

Video Hong Kong Protests Draw New Supporters on National Holiday

On the 65th anniversary of the founding of Communist China, Hong Kong protesters are hoping to stage the largest pro-democracy demonstration since the 1989 Tiananmen protests. VOA's Brian Padden visited one of the protest sites mid-day, when the atmosphere was calm and where the supporters were enthusiastic about joining what they are calling the umbrella revolution.
Video

Video India's PM Continues First US Visit

India's prime minister is on his first visit to Washington, to strengthen political and economic ties between the world's oldest and the world biggest democracies. He came to the U.S. capital from New York, the first stop on his five-day visit to the country that denied him an entry visa in the past. From Washington, Zlatica Hoke reports Modi seemed most focused on attracting foreign investment and trade to increase job opportunities for his people.
Video

Video Malaysia Struggles to Stop People Joining Jihad

Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Could US Have Done More to Stop Rise of Islamic State?

President Obama says airstrikes against Islamic State militants in Syria will likely continue for some time because, in his words, "there is a cancer that has grown for too long." So what if President Obama had acted sooner in Syria to arm more-moderate opponents of both the Islamic State and the Syrian government? VOA State Department Correspondent Scott Stearns reports from the United Nations.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid