BREAKING NEWS

Greece PM to name crisis cabinet

By REUTERS

NOVEMBER 11, 2011 04:06

ATHENS - Greece's prime minister designate will name a new crisis cabinet on Friday to roll out painful austerity measures and calm the political turmoil that has threatened to bankrupt Athens and force it out of the euro zone.

Greece's two main parties agreed to make Lucas Papademos head of a new unity government on Thursday, ending a chaotic search for a leader to save the country from default.

With a political battle raging in fellow euro member Italy over a similar national unity government, Papademos must now fulfill the terms of a 130 billion euro bailout plan aimed at keeping Greece solvent.

He must also ease tension among the Mediterranean state's political leaders, whose wrangling ahead of an election next year has repeatedly roiled global markets and drawn rebuke from the European Union.

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