Greece names new finance minister

Greek Deputy Finance Minister Philippos Sachinidis will be the country's new finance minister, replacing Evangelos Venizelos, the prime minister's office said Wednesday.

The new minister will be sworn in later Wednesday, the prime minister's office said.

Mr. Venizelos stepped down from the position after being chosen to lead the country's Socialist Party, also known as Pasok, in elections expected at the end of April or the start of May.

Mr. Sachinidis, 49, has been serving as deputy finance minister since the Socialists were swept to power in October 2009. A well-regarded technocrat, he has served as the finance ministry's number two to Mr. Venizelos and his predecessor George Papaconstantinou. Despite acting as economic adviser to ex-prime minister Costas Simitis, he is relatively new to politics and was first elected in 2007.

A member of the Socialist Party, Mr. Sachinidis will be given the task of tying up the loose ends of Greece's second bailout agreement, which was recently approved by European leaders and the International Monetary Fund. In the early hours of Wednesday, Greek lawmakers passed the €130 billion ($171.93 billion) loan deal.

Mr. Sachinidis has also previously worked as a researcher at a Greek think tank, the Foundation of Economic and Industrial Research.

His promotion to finance minister is seen as providing some continuity in the country's economic policy ahead of the elections.

(Published by WSJ - March 21, 2012)