News Summary: Conservative sworn in as Greek PM

AP News
Posted: Jun 20, 2012 2:47 PM
News Summary: Conservative sworn in as Greek PM

NEW LEADER: Greek conservative party head Antonis Samaras was sworn in as prime minister Wednesday at the helm of a three-party coalition that will uphold the country's international bailout commitments.

IMPLICATIONS: The move ends a protracted political crisis that had cast grave doubt over Greece's future in the euro and threatened to plunge the continent deeper into a financial crisis with global repercussions.

LOOKING FORWARD: The new government has massive challenges ahead: It must generate huge new savings, privatize publicly-owned companies and real estate, cut about 150,000 civil service jobs and open restricted professions to competition.