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ATHENS, Greece -- Greece appointed senior banker Lucas Papademos prime minister Thursday
The 64-year-old former vice president of the European Central Bank will lead a government backed by both the governing Socialists and the opposition conservatives that will operate until early elections, tentatively set for February. He replaces outgoing Prime Minister George Papandreou midway through his four-year term.
The new Greek cabinet, whose members were not named, will be sworn in Friday
Shares on the Athens Stock Exchange were up 1.6 percent at 779.6 on the news of the power deal power deal. That came despite more bad news for Greece's recession-hit economy: unemployment surged to 18.4 percent in August, up from 12.2 for that month in 2010.
European officials greeted the Greek news with relief.