Lucas Papademos, New Greek Prime Minister, To Present Policy Platform Monday

ATHENS, Greece — Greece's new prime minister says he is determined to keep the country in the eurozone, and urged political leaders to back a written commitment for a new massive debt deal.

Prime Minister Lucas Papademos was sworn in last week to head a short-term coalition government supported by the outgoing Socialists and the rival conservatives. The technocratic government was created to secure the approval of a new massive bailout worth euro130 billion ($177 billion) from other eurozone countries and the International Monetary Fund.

Papademos presented an outline of his policies to parliament on Monday, describing Greece's membership in the 17-nation eurozone as "our only choice." He spoke hours after conservative leader Antonis Samaras defied a European Union demand to provide a written commitment to the new debt agreement.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ATHENS, Greece (AP) – New Greek Prime Minister Lucas Papademos says the country's budget deficit will reach 9 percent of gross domestic product this year, higher than earlier targets.

Papademos was sworn in last week to head a 15-week coalition government backed by the outgoing Socialists and rival conservatives, created to secure the approval of a new massive bailout worth euro130 billion ($177.6 billion) from other eurozone countries and the International Monetary Fund.

Papademos presented an outline of his policies in parliament on Monday, promising faster structural reforms and declaring that Greece has already met requirements to receive the next euro8 billion ($10.9 billion) rescue loan installment, vital to avoid bankruptcy.

Comments

[H20hhh]

01:31 PM on 11/14/2011

EU sovereign countries are capitulating one by one to Global Finance. It is no coincidence that ECB stopped purchasing Italian bonds until Berlusconi resigned. Also there is no coincidence that both Greece's and Italy's new PMs used to work for Goldman.
Now who might be the next? France??

[phatemu]

12:18 PM on 11/14/2011

Unelected Technocrats Take Control in Italy, Greece, as Debt Crisis Grows

Unelected technocrats have taken over Italy and Greece as the two countries continue to battle a growing debt crisis. In Italy, former European commissioner Mario Monti has replaced former prime minister Silvio Berlusconi, who resigned on Saturday. In Greece, Lucas Papademos, a former European Central Bank vice president, has been sworn in as prime minister, replacing George Papandreou. Earlier today, a group of protesters gathered in front of the Greek parliament accusing the new government of working in the interests of bankers. Inspectors from the International Monetary Fund, European Central Bank and European Union are due to start arriving in Athens today to push Greece to take sweeping austerity measures. In Rome, people sang, danced and opened bottles of champagne on Saturday following Berlusconi’s resignation. An impromptu orchestra near the palace played the Hallelujah chorus from George Frideric Handel’s "Messiah" soon after he stepped down.

[theaetetus]

12:05 PM on 11/14/2011

greece: bank owned