Papademos sworn in to tackle Greek crisis

New Greek Prime Minister Lucas Papademos took office today, heading a coalition cabinet filled with many of the same politicians who led the nation into crisis.
At a colourful swearing-in ceremony, bearded Orthodox priests, led by the Archbishop of Athens, blessed Papademos and a cabinet dominated by the two main parties which had bickered for four days before agreeing on the crisis coalition.
Apart from Papademos, who has no political experience, the main new face in the cabinet is a minister from the LAOS party — the first time the far right has entered a Greek government since the country returned to democracy in 1974 following years of military rule.
The line-up includes socialist party power broker Evangelos Venizelos, who keeps the post as finance minister that he held in the outgoing government of George Papandreou, which imploded last week.
Analysts said Papademos would have to assert his authority over a cabinet packed with the conservative and socialist party politicians who alternated power for decades as Greece built up a huge debt that it could not manage, forcing a bailout.
“Greece has a government that is the result of political compromise among three parties. It is obvious that there was a dealing of the cards,” said Costas Panagopoulos, head of ALCO pollsters.
“It all now depends on how the prime minister handles them.”
Greeks lauded t Papademos nomination and expressed hope his government could put the economy back on track and calm political turmoil that has threatened to force Greece out of the euro zone.
But the former vice president of the European Central Bank faces serious challenges at the helm of a new unity government forged this week after a chaotic power struggle between Greece’s two main political forces.
Papademos has about 100 days to start fulfilling the terms of a 130 billion euro bailout plan to keep Greece solvent.
He must also ease tension among political leaders whose wrangling ahead of a snap election scheduled for next year roiled global markets and drew rebuke from the European Union.

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