Papademos named new Greek PM

Former European Central Bank vice-president Lucas Papademos was officially named new Prime Minister of Greece today.

The announcement came after Mr Papademos joined power-sharing talks between current PM George Papandreou and opposition leader Antonis Samaras.

Mr Papandreou promised to quit when the coalition deal is reached.

The interim government aims to approve a new €130bn financial aid deal and cement the debt-strapped country's position in the 17-nation eurozone.

The 64-year-old former vice president of the European Central Bank was named to head a coalition backed by the governing Socialists and the opposition conservatives that is expected to operate until early elections in February.

Mr Papademos will replace Mr Papandreou, midway through the Socialists’ four-year term.