It was Europe just about all the time once again last week as markets moved to the cadence of the political machinations in Greece, Italy and the EU. After what seemed like inertia in Greece and Italy concerning their respective political leadership, both countries moved to replace their prime ministers. In Greece after several days of dithering, missed deadlines and public and private outrage, there finally is a new prime minister. On November 10th, Lucas Papademos, a former vice president of the European Central Bank, was named to replace George Papandreou, who had pledged to stand down four days earlier. Mr Papademos, an academic economist and a member of no political party, has the reputation that is reassuring to Greece’s bailout partners. His financial expertise should prove useful when it comes to implementing the complexities of the agreements reached with the EU and IMF.
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