On Thursday Lucas Papademos, former vice president of the European Central Bank, was named interim prime minister of Greece to guide the country through a tough debt crisis.
After days of negotiations, Papademos was selected to replace former Prime Minister George Papandreou. Papademos had shocked investors when he submitted a bailout package for Greece to popular vote. The recovery of Greece is seen as key to the strength of the Euro
Papademos must now convince investors to provide the next package of aid money, some $11 billion according to the New York Times. The new prime minister must also negotiate new austerity measures even as unemployment passed 18 percent, according to the New York Times.
Ryan Dreibelbis, a junior government and politics major, says that he agrees with the decision to replace former Prime Minister Papandreou.
“I think that his stepping down is a pretty good idea because Papandreou had no mandate from the Greek people and he was proving difficult to deal with for Merkel and Sarkozy,” he said.
Papandreou had caused uncertainty among euro zone leaders France and Germany. At a November 2 press conference, French President Nikolas Sarkozy said, “It’s clear that question has to be on the European future of Greece: does Greece want to stay in the euro? We hope it does, but it’s up to Greek people to pronounce on that.”
Germany’s Chancellor Angela Merkal charged Papandreou that “we would rather achieve a stabilization of the euro with Greece than without Greece, but this goal of stabilizing the euro is more important.”
Papandreou said of the new transitional position that his appointment sends “a message to our European partners.”
“We Greeks have understood,” he added. “We are willing to assume responsibility.”