[QODLink]
Europe
Greece PM reshuffles cabinet
Finance minister retains job in expanded new government amid struggle to speed up economic revival.
Last Modified: 07 Sep 2010 05:31 GMT
The Greek economy is mired in recession and the government is grappling with a huge public-finance deficit [EPA]

The Greek prime minister has reshuffled his government, with the apparent aim of speeding up the economic revival of the country, which had been on the brink of bankruptcy.

The expanded government, announced on Tuesday, nearly a year after George Papandreou's Pasok socialist party came to power, however retains George Papaconstantinou in the crucial finance minister's post, a spokesman told the AFP news agency.

The new government has 48 members against 36 previously.

Petalosis also said that Haris Pampoukis, a minister of state, would be "in charge of investments," while another stalwart, Michalis Chrysohoidis, the public order minister swapped his portfolio for the economy and competitiveness ministry.

Chrysohoidis is credited with securing Athens' bid to host the Olympic games in 2004.

His predecessor in the economy and competitiveness ministry, Louka Katseli, had attracted criticism during his tenure, and was given charge of the work and social welfare ministry.

Deep recession

Last week, Papaconstantinou said that the Greek economy, mired in a deep recession and struggling to right its strained public finances, may do better than expected this year.

The European Union and International Monetary Fund put together a $140bn rescue package for Greece in May after the government could no longer raise fresh funds from the financial markets at a sustainable price in order to meet its debt and payment obligations.

In exchange for the bailout, Athens agreed to sweeping economic reforms and a series of spending cuts and tax increases which sparked protests across the country, including six general strikes.

The Greek socialist government wants to reduct the deficit, which reached nearly 14 per cent of output in 2009, to less than 3.0 per cent in 2014 - below the limit required by the eurozone.

Source:
Agencies
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
Featured
The new military government has issued warnings that it will soon start to clampdown on immigration offenders.
As Snowden awaits Russian visa renewal, the world mulls role of NSA and expects more revelations from document trove.
A handful of agencies that provide tours to the Democratic People's Republic of Korea say business is growing.
A political power struggle masquerading as religious strife grips Nigeria - with mixed-faith couples paying the price.
The current surge in undocumented child migrants from Central America has galvanized US anti-immigration groups.
join our mailing list