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Papademos to Be Sworn in as Premier to Avert Greek Collapse

Lucas Papademos, a former vice president of the European Central Bank who will be sworn in as prime minister of a Greek unity government today, faces the immediate task of securing funds by implementing budget cuts to avert an economic collapse.

Papademos and his Cabinet, which has yet to be named, will be sworn in at 4 p.m. local time in Athens, according to state-run NET TV. That’s two hours later than previously scheduled as Papademos seeks to put together his government, the broadcaster said, without citing anyone.