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June 20, 2012

Greek coalition government successfully formed

A conservative-led government took power in Greece on Wednesday promising to negotiate softer terms on its harsh international bailout, help the people regain their dignity and steer the country through its biggest crisis for four decades.

Antonis Samaras, a Harvard-educated economist from a prominent Greek family, will head an alliance of his New Democracy party and Socialist PASOK rivals - the same discredited establishment parties which have dominated politics since 1974.

The cabinet has yet to be named, although a technocrat banker is expected to become finance minister.

Party leaders said a team would be formed to renegotiate the terms of the hated 130 billion euro ($165 billion) rescue plan with the European Union and IMF, setting up a showdown with the lenders led by paymaster Germany who say they will adjust but not re-write the document.



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