Greek Prime Minister Antonis Samaras has named Greek economist Yannis Stournaras as the country's new Finance Minister, replacing 65-year old Vassilis Rapanos who resigned on Monday for health reasons. Stournaras, 55, is a respected liberal pro-reform economist who served as Development and Shipping Minister in the caretaker government that led Greece to the second round of national elections on June 17 after the first inconclusive polls in early May.

Later on Wednesday, he is due to hold his first meeting with Samaras and heads of two smaller parties in the new coalition government which took office last week. It is not clear whether Stournaras will attend the upcoming European economic union, the predecessor of the current euro zone.