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Brussels, 10 November 2011

Statement by President Barroso and President Van Rompuy on the designation of Lucas Papademos as Prime Minister of Greece

The agreement to form a government of national unity opens a new chapter for Greece. We have long stressed the need for a broad political consensus around measures to lift Greece out of this deep economic crisis. As such, we warmly welcome this news.

Although this will be a transitional government, its workload will be extremely intense. A second programme of financial assistance must be rapidly concluded, as foreseen by the Euro Summit on 27 October. The voluntary bond exchange with private sector investors should take place as planned at the beginning of 2012.

It is important for Greece's new government to send a strong cross-party message of reassurance to its European partners that it is committed to doing what it takes to set its debt on a steady downward path. Fiscal consolidation should go hand in hand with the structural reforms needed to transform Greece's growth potential and generate the jobs its people so urgently need.

We reiterate that our European Institutions will continue to do everything within their power to help Greece. But Greece must also do everything within its power to help itself.

We have relayed these messages to the Greek leadership. We look forward to meeting as soon as possible with the designated Prime Minister Lucas Papademos to discuss the pressing matters on our common agenda.

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