Herculean task for Papademos

Greece's designated Prime Minister Lucas Papademos faces a Herculean task in view of the critical situation in his country, writes the conservative daily Frankfurter Allgemeine Zeitung: "The EU Commission estimates that next year the Greek national debt will be almost 200 percent of the GDP. Faced with this unimaginable situation it comes as no surprise why it took so long to find a new prime minister in Athens after Papandreou announced his resignation. It speaks for the statesmanship of Lucas Papademos that rather than being deterred by the sheer magnitude of the need for consolidation he agreed to lead a transitional government. ... There couldn't be a more dismal starting point: unemployment is at a new high and Europe is menaced with recession. In keeping with the season, the mood is bleak indeed."

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