Sachinidis replaces Venizelos as Greek finance minister
Bloomberg
Former leader resigns to prepare Pasok party for national elections
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Athens: Filippos Sachinidis, who has served as the deputy and then alternate minister at Greece's finance ministry since 2009, will be the new finance minister, replacing Evangelos Venizelos, who stepped down to lead the socialist Pasok party.

Sachinidis swore in yesterday, according to an emailed statement from Prime Minister Lucas Papademos' office. The new minister, born in 1963, takes on the post after Venizelos tendered his resignation to focus on national elections.

Greek lawmakers approved a new €130 billion (Dh631.74 billion) bailout from the European Union and International Monetary Fund yesterday, a move which takes the country a step closer to elections that may be held as soon as next month. Greece pushed through the biggest sovereign restructuring in history earlier this month after getting private investors to forgive more than €100 billion of debt, opening the way for the second bailout.

Sachinidis is a Pasok lawmaker who has represented the Larisa constituency since 2007, served as deputy finance minister from 2009, when Socialist Pasok won general elections, and was promoted to alternate finance minister in Papademos' government.

As finance minister Sachinidis will be responsible for following through on commitments made by Greece to secure receipt of the second bailout.