Papademos is the new Prime Minister

Lucas Papademos is Greece’s new Prime Minister. After consultations between the outgoing Prime Minister George Papandreou, the leader of the opposition Mr. Antonis Samaras and the President of LAOS, Mr. Giorgos Karatzaferis, which lasted three and a half hours, President Karolos Papoulias gave a mandate to form a government to reputable economist Lucas Papademos.

The inauguration of the new government under Mr. Papademos - former ECB VP - will take place tomorrow, Friday the 11th of November, 2011, at 14.00.

The notice prepared by the three political leaders, Mr. Papademos and the President, read out to reporters by ambassador Konstantinos Bitsios, director of Mr. Papoulias’ office, is as follows:

“Under the chairmanship of the President of the Republic, Karolos Papoulias, Prime Minister Giorgos Papandreou, leader of the opposition Mr. Antonis Samaras, and LAOS president Mr. Giorgos Karatzaferis met today. The meeting confirmed the framework of principles formulated during the meeting of political leaders which took place on November 6th, 2011. It was agreed that the new government’s work is to implement the decisions of the 26th October 2011 Eurozone summit and also implement the economic policies related to said decisions. The President, on the proposal of political leaders who attended the meeting, instructed Lucas Papademos to form a government.

The inauguration of the government will take place tomorrow, Friday, at 14.00”.

As is clear from the statement, "the new government’s work is to implement the decisions of the 26th October 2011 Eurozone summit and also implement the economic policies related to said decisions”. There is no mention of the timeframe during which the new government will remain in power. There is also no notice of an agreement between PASOK and ND for elections on the 19th of February.

The clarification as to whether Lucas Papademos’ new tenure will last until the 19th of February or extended as is necessary for the implementation of the policies associated with the October 26th decisions, is expected within the next few hours.