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See more Images of May Follow Reuters Facebook Twitter RSS YouTube Read Turkish PM warns Syria of backlash | 11:24am EDT Insight: A land owner caught between energy giants 7:05am EDT Raging Colorado wildfire grows near US Air Force Academy | 25 Jun 2012 One dead, 2 hurt in natgas blast in Colorado-media 10:44am EDT Wall Street flat on euro zone worries, weak consumer sentiment | 11:48am EDT Discussed 129 Obama campaign requests outside Republican group disclose donors 119 House panel to vote on Holder contempt charge: aide 92 California tobacco tax hike narrowly defeated at polls Watched Brit promotes online French chic Mon, Jun 25 2012 Finns fight stress at brain gym 7:46am EDT U.S. Morning Call: News Corp mulls splitting into two: WSJ Mon, Jun 25 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Battleground Arizona A look at the fight over Arizona's controversial immigration law. Slideshow Best of Euro 2012 Highlights from all the Euro 2012 action. Slideshow "Mr. Euro" named Greek finance minister Tweet Share this Email Print Related News Greek PM plans European tour after recovery: source 11:47am EDT Related Topics World » Greece » General Director of the Foundation for Economic and Industrial Research (IOBE) Yannis Stournaras addresses journalists during a news conference in Athens in this April 2, 2012 file photo. Greek coalition leaders are expected to appoint Yannis Stournaras, a respected economist who was part of the team that negotiated the country's entry into the euro, as new finance minister, four officials from parties in the coalition government said on June 26, 2012. Picture taken April 2, 2012. Credit: Reuters/Yorgos Karahalis/Files By Deepa Babington and Lefteris Papadimas ATHENS | Tue Jun 26, 2012 11:47am EDT ATHENS (Reuters) - Yannis Stournaras, an affable and well-respected liberal economist, was appointed Greece's new finance minister on Tuesday after the sudden resignation of the first choice for the job at a crucial moment for the debt-laden country. The new conservative-led government scrambled to make a quick decision on the post after banker Vassilis Rapanos quit on Monday on the advice of doctors after spending four days in hospital with dizziness and abdominal pains. His sudden resignation threw the government into confusion at a time when it faces the daunting task of trying to persuade skeptical international lenders to ease the harsh terms of a bailout that has enraged the population. � With Greece weeks away from running out of cash and in desperate need of a minister to lead negotiations with lenders, party officials said the three ruling coalition leaders quickly agreed on Samaras's choice of Stournaras, 55, who is nicknamed "Mr. Euro" in Greece. He faces a difficult juggling act - pushing for more time and money from skeptical foreign lenders while coaxing reluctant officials at home to push through unpopular reforms. "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 political analyst John Loulis. "He will have to wage a hard battle against them. He is entering the wolf's lair and he won't survive without the prime minister's solid support." An economics professor at the University of Athens and the head of the influential IOBE think-tank, Stournaras most recently was development minister in the caretaker government that led Greece to elections on June 17. He is considered a liberal economist and an ardent supporter of structural reforms to open up the economy and make it more competitive - ideas that are likely to win him favor with international lenders exasperated with the slow pace of reform. INEFFICIENT AND BADLY MANAGED He was part of the team that negotiated Greece's entry to the euro in 2001, as chief economic adviser to former Prime Minister Costas Simitis. He later became CEO of Emporiki Bank, where he initiated its gradual sale to France's Credit Agricole. That experience has opened him to criticism from some quarters. The anti-bailout Independent Greeks party said both he and his predecessor's experience was "stained by the scandalous era" of euro-zone entry and the use of swaps to lower debt. People who have worked closely with Stournaras describe him as an affable economist who is well qualified to take on a role that is often dubbed the world's toughest job. "He is accessible to even junior researchers at the IOBE economic think-tank that he heads," said one economist. Stelina Hatzichristou, a researcher at IOBE, said Stournaras was adept at managing people and had a strong understanding and knowledge of the Greek economy, which has been ravaged by five years of crisis. In a speech in April, he blamed Greece's "inefficient, one-size-fits-all, party-dominated and badly-managed public sector" for the country's woes together with tax evasion, social security fraud, high defense spending and bureaucracy. He criticized the economic policy pursued by the previous Socialist government, saying it cut spending in the wrong way, while failing to slash red tape and boost competition. "Laws were passed but not implemented," he said. He also complained about unjustifiable delays in privatizations. It was unclear whether Stournaras would be ready for a European summit on Thursday and Friday, where Greece's demand to renegotiate the bailout and its off-track reform programme are likely to come into focus. Samaras, who emerged from hospital on Monday with a bandage over one eye following eye surgery, will miss the meeting. Instead, Greece is likely to be represented by outgoing Finance Minister George Zanias and President Karolos Papoulias. Stournaras's biggest challenge in the days ahead will be to handle talks with the "troika" of EU, European Central Bank and International Monetary Fund lenders, who postponed a scheduled trip to Athens this week because of the illnesses of Samaras and Rapanos. Greece needs its next tranche of aid to keep the state functioning beyond July, but the money is unlikely to be granted without a showdown with lenders angry that Athens wants to renege on austerity measures agreed in exchange for the financial rescue. The bailout has prevented Greece from going bankrupt and suffering a humiliating exit from the euro zone, but it has also deepened a recession now in its fifth year, left one out of five Greeks jobless and caused violent protests in Athens. Samaras's New Democracy party narrowly won the June 17 election against the radical leftist Syriza bloc which wants to tear up the bailout agreement. (Additional reporting by George Georgiopoulos, Greg Roumeliotis, Harry Papachristou and Karolina Tagaris; editing by Barry Moody) World Greece Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (4) eurozoneexpat wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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