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Greeks hope new PM will bring stability

Friday, November 11, 2011 - 01:32

Nov. 11 - Athens residents say they hope new Prime Minister Lucas Papademos will usher in a period of calm and stability. Nick Rowlands reports.

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A presidential guard stands to attention outside the Greek parliament, one day after Lucas Papademos - former Vice President of the European Central Bank - was named new Prime Minister. Residents of the Greek capital say they hope the appointment of Papademos will bring calm to the country and that he can pull Greece out of its debt crisis. (SOUNDBITE) (Greek) BANK EMPLOYEE PANAGIOTIS ADAMOPOULOS, 33: "I expect the implementation of the necessary measures, unfortunately these are painful for everyone but they are the only way to get a grip on the situation." (SOUNDBITE) (Greek) PENSIONER VASILIS: "Mr. Papademos is excellent, very, very good and I believe he will be successful in the job that he has taken on." Under a bailout plan agreed by euro zone leaders last month, Papademos must sell off state-owned companies, tackle rampant tax evasion, and start chipping away at Greek's mountain of debt. Greek newspapers were mostly optimistic, and Papademos is seen by economists as a safe pair of hands unlikely to waiver on the tough economic decisions he must take. But the greying 64-year-old must struggle against a public that opposes more belt-tightening after years of public sector cuts and tax hikes that are expected to send the economy into a fourth straight year of recession in 2012. Nick Rowlands, Reuters.

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Greeks hope new PM will bring stability

Friday, November 11, 2011 - 01:32