June 17, 2011
Greece's prime minister, George Papandreou, has promoted one of his key political rivals to the crucial role of finance minister, as he continues to battle against a potentially catastrophic default.
Evangelos Venizelos, the defence minister, was named as Greece's new finance minister on Friday morning as part of a cabinet reshuffle. He replaces George Papaconstantinou, who was widely expected to relinquish the finance brief as the Greek economy teeters on the edge of collapse.
The move came on a day in which German chancellor Angela Merkel and French president Nicolas Sarkozy appeared to make progress over the details of a new rescue package for Greece, sparking a small rally in Europe's stock markets.
The reshuffle is Papandreou's latest bid to try to push through tough austerity measures which he says are essential to prevent Greece defaulting on its debts, but which have aroused fury among the population.
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