Pragmatic Papademos

The press in Athens had much to say about Lucas Papademos as he was named the country's new interim prime minister. The 64-year-old was described in various quarters as a workaholic, a respected expert, a quiet man, a believer in financial stability and, above all, a pragmatist.

Papademos will head a new cross-party transitional government, made up of socialists and conservatives. Even the liberal splinter party, the Democratic Left, and the right-wing LAOS party led by former journalist and body builder Giorgos Karatzaferis, want to be included. For his part, Papademos is not affiliated to any political party.

From their new leader, the Greeks are looking for one thing: that he help the country restore Europe's trust in the Greek economy, and ensure that Greece remains in the eurozone. According to Konstantinos Michalos, head of the Athens Chamber of Commerce, there's no one better suited to the job.

"Papademos is a technocrat, who has a thorough knowledge of the banking world, not only in Greece, but also in Europe," Michalos told Deutsche Welle. "He can lead the country in a rational and proportionate way. But it's also high time to deliver growth impulses for the Greek economy. Today's rigid saving measures are driving us into a dead end."

Tall order

Can Papademos break the gruesome cycle of austerity and recession? From 2002 to 2010 he was vice president of the European Central Bank, where he gained the reputation for being a stickler for financial stability, in line with his superior, Jean-Claude Trichet.

On the other hand, he never belonged to the "hawks." He showed a more flexible side from time to time, and made it clear that he wasn't necessarily against growth through domestic demand - that's to say higher wages.

That's exactly what the Greeks want to hear in these troubled times. But Papademos also has to convince the people that the tough austerity measures are a necessary evil. That won't be an easy task, believes Angelos Stangos, an analyst for the renowned Athens daily, Kathimerini.

"It's good that Mr. Papademos has been named as the new prime minister, but he doesn't have an easy task," said Stangos. "Papademos will have to make painful cuts. His big advantage is that he speaks the same language as Greece's European partners. But he was more or less forced on the Greek political parties - they didn't actually want him. That's why there was so much hesitation and power play before he was nominated."

As former head of the Greek central bank, Papademos is also said to be the architect of the Greek entry to the eurozone back in 2001 - a move not always remembered favorably in European financial circles.

Author: Jannis Papadimitriou / ji
Editor: Martin Kuebler