George Papandreou Sworn As The Greek Prime Minister

Greece's new interim Cabinet was sworn in with former European Central Bank Vice President Lucas Papademos at its helm as Prime Minister and the key position of Finance Minister unchanged.

Lucas Papademos was appointed on 11^th November 2011 to head the temporary coalition government, which includes ministers from Greece's two largest parties and a smaller right-wing party, after a two-week political crisis that endangered the country's continued bailout funding and raised questions about its position within the Eurozone.

The new government of Lucas Papademos, who also spent time as Greece's central bank governor, must now implement the terms of Greece's debt deal, a 130 billion euro (USD 177 billion) agreement reached by the European Union on October 27. 

It includes provisions for private bondholders to forgive 50 per cent, or some 100 billion euro of their Greek debt holdings.

He is also faced with the task of securing the next 8 billion euro installment of the country's initial 110 billion euro Eurozone and International Monetary Fund bailout, without which Greece will default in a matter of weeks.