Filippos Sachinidis was promoted from deputy minister after Evangelos Venizelos stepped down to take over the helm of the socialist Pasok party ahead of parliamentary elections which could come as early as next month.
Sachinidis is a moderniser and former banker widely seen as a pair of safe hands as the debt-stricken nation navigates its worst crisis in modern times.
His appointment was welcomed by both Pasok and the centre right New Democracy, the two parties power-sharing under Papademos, himself a former vice-president of the European Central Bank.
The change of guard came as the country that triggered Europe's debt crisis in December 2009 raced against the clock to implement reforms demanded by the EU, ECB and International Monetary Fund in exchange for €130 billion in extra aid to prop up its moribund economy.
A first instalment of rescue funds worth €7.5 billion was disbursed to Athens this week. Receipt of the money, which included €1.6 billion from the IMF, followed this month's unexpectedly successful bond swap between Greece, banks and other private holders of its debt. A further €35 billion is lined up to be injected into the country's cash-starved banking system – widely seen as a vital step to reinvigorate an economy mired in austerity-driven recession.
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