Papademos vows to keep Greece in the euro zone

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Papademos vows to keep Greece in the euro zone

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Lucas Papademos has been named as Greece’s new prime minister.

The man, who as central bank governor took Athens into the euro over a decade ago, is now charged with keeping his country inside the single currency.

Papademos said he faced a tough task ahead, but that Greece’s problems could be resolved.

“I am convinced that the country’s participation in the euro zone is a guarantee of monetary stability,” he told reporters.

The appointment of the senior banker, who has never held elected office, comes after four days of power-sharing talks.

Papademos, until recently a professor at Harvard University, will replace outgoing premier, George Papandreou.

Papandreou quit after members of his own Socialist Party rebelled against his surprise decision to call a referendum on an EU bailout package for Greece.

His successor must convince Greece’s international creditors that it should continue to receive emergency loans.