Greek Cabinet Changes: Sarkozy & Merkel Urge Change

French and German leaders are starting to agree on how to rescue Greece from a European bailout.

The Greek cabinet has been changed by Greece Prime Minister George Papandreou, consequentially giving a boost to the euro and Wall Street.

This change in the Greek cabinet is a result of some of the EU’s stronger core countries push for a resolution to Greece’s fiscal debt crisis.

French President Nicolas Sarkozy and German Prime Minister Angela Merkel showed a united front on the need for a deal in the next few weeks, but offered few details of when and how such a deal will get done – or who will pay for it.

Former Greek defense minister Evangelos Venizelos will take over as finance minister from Giorgos Papakonstantinou, the author of the wildly unpopular, albeit necessary, austerity programs, who is begin reassigned to an environmental post.

Source: Forbes