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

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership 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.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid