Parties still squabbling over new PM
The political parties are still squabbling over who should be the new prime minister of Greece. The most likely contender is Lucas Papademos. Mr Papademos is a banker, having served as Governor of the Bank of Greece from 1994 to 2002 and then Vice president of the European Central Bank from 2002 to 2010.
It is believed that Mr Papademos is only prepared to take on the role under certain circumstances and that this has created some problems resulting in a delay in the decision. The old government were asked to be ready to hand in their resignations yesterday and the new government is likely to consist of a mixture of technocrats and party political appointments from across the various parties.
Meanwhile, the European Union have insisted that a signed undertaking be given that the bailout deal as proposed on 26th October will be implemented before the sixth tranche of money, around €8 billion, is handed over. They have asked for signatures from the outgoing prime minister, new prime minister, opposition leader, finance minister and governor of the central bank to be on the memorandum. This has created further problems with the opposition leader, Antonis Samaras, objecting on the grounds that it damages national pride.