Lucas Papademos, former banker and European Central Bank Vice President, has been named prime minister for Greece’s interim government. The transitional government’s primary task in the upcoming months will be the implementation of the bailout package agreed to by European leaders. The transitional government will be sworn in at 2 p.m. Friday. Prime Minister George Papandreou, who is stepping down Thursday, said that a new government would do whatever necessary to bring Greece out of economic crisis.
International markets have been rocked by the recent uncertainty in Greece, with some investors afraid the bailout deal may not be implemented. Christine Lagarde, managing director for the International Monetary Fund, warned of a “lost decade” for the global economy.
