Lucas Papademos, named today to be interim prime minister of Greece, steered the country into the euro region as central bank governor more than a decade ago. Now the former European Central Bank vice president will have to secure the country’s euro membership for a second time.
Greek Prime Minister Lucas Papademos told members of his government they must back deeper budget cuts needed to prevent financial collapse or quit, as political dissension threatened to unwind the country’s second bailout.
Greek Prime Minister Lucas Papademos turned his attention to finalizing next year’s budget and a voluntary debt swap, two conditions the country must meet to resume receiving international loans and avert a collapse of the economy, a day after winning a confidence motion.
Greek Prime Minister Lucas Papademos will unveil the final budget for 2012 today as his interim government races against a three-month deadline to secure international loans and avert a collapse of the economy.
Greek Prime Minister Lucas Papademos told business and union leaders today the economy could collapse as soon as March if the country doesn’t accept income cuts as a key means to secure agreement with international creditors on more financing.