WSJ: Papademos May Be Here to Stay

Mr. Papademos, an economics professor at Harvard and a no-nonsense former vice president of the European Central Bank, was chosen in November by Greece’s major parties as a compromise prime minister until elections were held. But with opinion polls pointing to no clear winner in the national poll, he could again be asked to put his academic career on hold and continue leading Greece.
He took over at a time when Greece’s membership in the euro-zone was in question, according to Wall Street Journal.
Decades of mismanagement by successive governments took the country’s debt to unsustainable levels. Popular resistance to austerity measures sought by Greece’s creditors created an explosive mix raising fears of a disorderly default that could shatter all prospects of a global recovery. But Mr. Papademos managed to bring Greece back from the brink.
“He was the right person at the right time. His calm and methodical approach in dealing with the problems and the trust and respect he enjoys in the euro zone changed the climate for the better. Frankly, I’d rather have him stay on until we are on more solid ground,” said a leading minister in Mr. Papademos’s cabinet.
Mr. Papademos told the Greeks in plain words that taking the bitter austerity prescription was the only way forward. He stood his ground when a junior partner in the coalition government pulled out amid daily protests in the streets of Athens against the cutbacks. He negotiated successfully the world’s biggest debt restructuring, a second multi-billion euro bailout loan for Greece and brought back a sense of calm to world markets.
The conservative New Democracy party is clearly leading in the polls but it looks unlikely it will win an absolute majority in parliament, while the former governing Pasok socialists are trailing far behind. The chances are they will be forced to form a coalition as Greece can barely afford repeated elections and Mr. Papademos could be the only prime minister accepted by both.
If he accepts and sets strict terms in how he wants to govern, a new Mario Monti may be in the making.
A Greek version of Super Mario is the best thing Greece and Europe can hope for.
(source: WSJ, Capital)

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