Economy

Greek conservative government sworn in

Greek conservative government sworn in”

Greece's third and final worldwide bailout ended last year and while the country doesn't rely on direct funds to meet its debt repayments, the previous government of Prime Minister Alexis Tsipras agreed to meet a series of budget targets over the coming years, even decades. That brings about a lack of confidence and investment, " Eurogroup president Mario Centeno said after the meeting. Critics say that requirement has shackled government spending and stifled the country's recovery.

"It's very hard to see how debt sustainability can be achieved without it", he said. "It was a cornerstone of the program from the beginning".

Conservative Mitsotakis has vowed to renegotiate the fiscal targets set by the European Union on Greece's economic trajectory in the next few years.

New Greek Prime Minister Kyriakos Mitsotakis has to cope with a national debt exceeding 180 percent of gross domestic product and 45 percent of non-performing or risky loans to banks, according to Associated Press.

Analysts said Mitsotakis would be able to pursue growth-friendly policies despite the bailout constraints and financial challenges.

Other key positions in the new Cabinet also went to seasoned political veterans.

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"The people gave us a strong mandate to change Greece, and we will honor that commandment in full", Mitsotakis said after his swearing-in ceremony.

Its leader, Kyriakos Mitsotakis, will become prime minister.

He replaced Alexis Tsipras, whose left-wing Syriza party got 31.5 percent of the vote.

Tsipras presided over austerity policies under Greece's third worldwide bailout as it struggled in the global financial crisis.

And Golden Dawn, an extreme right-wing party, lost significant ground and failed to reach the 3 per cent threshold to parliament during last night elections. Staikouras is an economist and engineer who had served as deputy minister in a previous government.

The 51 members of the new government swore the oath of office on the Bible in a ceremony led by the Archbishop of Athens Ieronymos, in line with Greek tradition. Nikos Dendias, the new foreign minister, held previous Cabinet posts at the ministries of public order, development, and defense.



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