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Greece to swear in new cabinet
Published in Saudi Press Agency on 21 - 06 - 2012

Greece will swear in a new government on Thursday which will face the task of renegotiating tough bailout terms with
foreign creditors, dpa reported.
The daily Kathimerini newspaper said Greece will at a meeting of
eurozone finance minister on Thursday ask for a two-year extension to
reduce its public deficit to below 3 per cent of gross domestic
product (GDP). Greek caretaker Finance Minister Giorgos Zannias will
make the request at the meeting in Luxembourg.
The extension until 2016 would require the European Union and
International Monetary Fund (IMF) to provide an extra 16-20 billion
euros (20-25 billion dollars) in loans, depending on how deep the
country's recession will be.
Greece's recession has been forecast at 4.5 per cent of GDP by the
EU/IMF but it is now likely to reach between 6 and 7 per cent.
The country ended its political impasse by swearing in
conservative New Democracy leader Antonis Samaras on Wednesday to
lead a pro-bailout coalition following an election at the weekend.
Samaras was sworn in after talks with his two coalition partners,
socialist PASOK leader Evangelos Venizelos and Fotis Kouvelis of the
Democratic Left.
Media reports said the new government would comprise of 15
ministers and approximately 20 deputy ministers, a substantial
reduction from the 49 ministers and deputies that served in the
interim cabinet under Lucas Papademos.


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