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New Greek PM Samaras To Name Cabinet Members

Stocks in this article: NBG

"I know all of you, all of us, have the best intentions. But I'm not interested in intentions. I'm interested in the work and the result," he told the Cabinet.

Many had feared a victory in Sunday's national election by anti-austerity parties could have prompted a disastrous confrontation with Greece's creditors, ending the flow of bailout funds and eventually forcing the country out of the 17-member eurozone.

In Brussels, European Commission President Jose Manuel Barroso welcomed the formation of Greece's new Cabinet, saying the EU will continue to work with Athens to bring back growth and job creation.

"I am particularly reassured that the new administration will count on ample and broad-based parliamentary support," he said in a statement. "I believe that this sends a clear signal of Greece's determination to honor its commitments and stay in the euro."

Samaras' New Democracy party narrowly beat the anti-austerity Syriza radical left party in Sunday's election, but didn't win enough seats in Parliament to govern alone. After three days of talks, it formed a coalition with the third-place Socialists and the smaller Democratic Left party.

Samaras, a 61-year-old U.S.-educated economist, campaigned on pledges to boost growth, cut taxes, seek extended deadlines to implement the country's pledges for more austerity, and raise the incomes of low earners, large families, police and fighter pilots.

"I expect the party to keep its word and do what is said it will do," said Athens resident Leonidas Tiniakos, 58. "Samaras and the other parties which support the government have said that some parts of the bailout have to change. But it's the actions that matter, not the words."

Tiniakos, who said he voted for New Democracy, added that the fact Greece now has a government "gives me a little hope."

Kyriakos Tzaferos, an out-of-work civil engineer now working as a real estate agent, said the government deal could help restore market stability.

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