It's "Mr. Euro" to the rescue. Yannis Stournaras, a key figure who helped negotiate Greece's entry into the eurozone, has been named Greece's new finance minister, reports Reuters. Stournaras replaces Vassilis Rapanos, who resigned from the finance minister position due to health reasons just days after being named to the post. It is unknown, however, if Stournaras will attend the European summit on Thursday and Friday; for the moment, the outgoing finance minister is expected to attend instead.
The 55-year-old Stournaras is an economics professor at the University of Athens and headed the finance ministry's Council of Economic Advisors for several years. He is described as a liberal economist who wants to open the Greek economy and make it more competitive. “Stournaras is a serious, respected person who will inspire some confidence in the markets. But he is entering a bad government, where many old-style, spendthrift politicians are occupying key positions,” said one analyst.