by Costas Paris
Wall Street Journal
June 17, 2011
Greek Prime Minister George Papandreou may have managed to keep his socialist party intact by replacing Finance Minister George Papaconstantinou, the architect of the most unpopular economic measures in Greece’s modern history, but there is little doubt his new government will remain deeply unpopular and that he will be forced to early elections.
Evangelos Venizelos, the new finance minister, is a Socialist party heavyweight dating back to the 1980s who knows how to strike a strike a balance among competing functions.
But in his first trip to Brussels later this month he will be told in not so polite terms that if Greece is to avoid default he will have to push through parliament a staggering €28 billion in new austerity measures, including a slew of new taxes and spending cuts. What’s more, he must guarantee their implementation.
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