November 10, 2011
After almost a week of waiting, Greece has announced that former ECB Vice President Lucas Papademos will become head of an interim unity government in Athens. He has vowed that his country will remain part of the euro, but he faces vast challenges.
Originally, the announcement was to be made over the weekend. Then, news agencies on Monday reported that Athens officials were preparing to make a statement. It was the same story on Tuesday.
But on Thursday, Greece's embarrassing inability to find unity in negotiations over a new unity government finally came to an end. In the early afternoon, it was announced that former European Central Bank Vice President Lucas Papademos would become head of the country's new interim government. He is to be sworn in on Friday at noon.
"The agreement to form a government of national unity opens a new chapter for Greece," read a joint statement from European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy. "We warmly welcome this news."
The naming of Papademos to take over the reins in Athens puts an end to 10 days of political farce in Athens that ensued when outgoing Prime Minister Giorgios Papandreou announced his intention to hold a referendum on the bailout package assembled for Greece by the European Union in late October. With euro-zone leaders such as Chancellor Angela Merkel and French President Nicolas Sarkozy voicing outrage at the plan, Papandreou entered into talks with the Greek opposition aimed at forming a temporary unity government.
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