Greek Prime Minister Alexis Tsipras appoints new cabinet to tackle bailout reforms

Euclid Tsakalotos was reappointed as finance minister (Source: Getty)

Greece's new cabinet was sworn in today, enabling the newly re-elected government to get on with the economic reforms that underpin the country's third bailout deal.

Greek Prime Minister Alexis Tsipras reappointed oxford economist, Euclid Tsakalotos, as finance minister. He'd played a pivotal in brokering the three-year €86bn (£61bn) bailout agreement with creditors in August.

"Our priority is the recapitalisation of the banks so there will be stability in the economy, and secondly concluding the assessment (with lenders) and starting discussions over debt," Tsakalotos said.

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George Chouliarakis, finance minister in the caretaker government and a senior member of the bailout team, has been made deputy finance minister. This means the core economics team is broadly the same.

The leftist Syriza party formed a coalition government with the right-wing Independent Greeks, after securing a shock win in the country's snap elections on Sunday. They must now push through politically contentious legislation, such as cuts to pensions and higher taxes, through the Greek parliament.

The first review of Greece's bailout programme starts next month - and the debt burden is likely to be discussed. Greece believes that it will become unsustainable without some kind of haircut, but creditors such as Germany have repeatedly argued debt relief is illegal under the EU treaties.

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