Greek Prime Minister Alexis Tsipras will reappoint Euclid Tsakalotos as finance minister, a senior source in his leftist Syriza party said on Tuesday, to offer continuity in bailout talks with international lenders. Sonia Legg reports.
It was back to work for Alexis Tsipras. After winning the Greek election he needed to select a new cabinet. One by one the candidates arrived at Syriza's headquarters hoping to come out as ministers. But one visitor wasn't keen, according to some reports. Euclid Tsakalotos apparently took a little persuading when he was offered the Finance job again. He did eventually relent - say sources - to the relief of Greece's EU lenders. BGC Partners' Mike Ingram. (SOUNDBITE) (English) MIKE INGRAM, MARKET STRATEGIST, BGC PARTNERS, SAYING: "I think Tsakalotos for Finance Minister is the only sensible choice at this point in time. We need continuity, obviously there has been far too much volatility and in policy-making far too many personalities have got in the way of the debate." Yanis Varoufakis was one of those personalities. Greece came close to leaving the euro under his watch. Many Greeks welcome the new stability (SOUNDBITE) (Greek) UNEMPLOYED ATHENS RESIDENT, NIKOS, SAYING: "We will be in exactly the same situation as we have been for the past seven months. It's all the same people." The new government will have its hands tied. Its priority will be keeping the reform promises Tsipras made to lenders in return for the country's third bailout. That may keep Greece out of the headlines - for now (SOUNDBITE) (English) MIKE INGRAM, MARKET STRATEGIST, BGC PARTNERS, SAYING: "I think for the next six, nine, 12 months a Grexit as an issue remains parked in a layby but mark my words it will resurface." There are other challenges too. Of the 430,000 migrants who've reportedly journeyed to Europe across the Mediterranean this year 309,000 of them arrived via Greece.