Greece chooses euro champion Stournaras as finance minister

City A.M. Reporter
GREECE yesterday named liberal economist Yannis Stournaras as its new finance minister, replacing Vassilis Rapanos who quit on Monday after less than a week in the job.

Stournaras, an economics professor at the University of Athens and the head of the influential IOBE think-tank, has the nickname Mr Euro in Greece for his role in negotiating the country’s entry into the single currency back in 2001.

Described by colleagues as affable, he is considered an ardent supporter of structural reforms to make the economy more competitive – ideas that are likely to win him favour with international lenders exasperated with the slow pace of reform.

Rapanos quit earlier this week on the advice of doctors after spending four days in hospital with dizziness and abdominal pains. Deputy shipping minister George Vernikos also resigned yesterday.