Yannis Stournaras named as new Greek Finance Minister

Athens - Speedily following the resignation of Vassilis Rapanos as Greece's new finance minister, a replacement has been appointed. Yiannis Stournaras, 55, will now take up the key cabinet position.

The prime minister's office released a statement saying "Prime Minister Antonis Samaras has decided to name Athens University economics professor and of IOBE (Foundation for Industrial and Economic Research) director Yannis Stournaras as finance minister." The announcement followed the decision of the Chairman of the National Bank of Greece, Vassilis Rapanos, to resign the post on stated grounds of ill-health. Stournaras served as chief economic advisor to former Greek Prime Minister Costas Simitis, and participated in the negotiations for Greece's entry to the economic and monetary union (EMU). His appointment means that another technocrat will take the reins of the nation's economic policy, rather than an elected politician. Stournaras recently served as development minister in Greece's caretaker government between the May 6 and June 17 general elections.