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Former Vice President of the European Central Bank Loukas Papademos would likely be the new prime minister of Greece. There are talks that a small group of lawyers – members of the ruling party – is drawing a plan to exit the unfavourable situation in which the country is now. Papademos might be chosen the saviour because of his reputation and recognition by the European community and because institutional lenders have confidence in his proven technocrat abilities.

In past government crises, he was preferred as the most wanted leader of Greece, but now things seem more serious than ever and many reasonable Greeks hope he would take the office to save the country from a complete collapse.

The group of lawyers that is preparing the invitation to Papademos is trying to convince George Papandreou to resign after the Council of Ministers today. The plan is the former vice president of the European Central Bank to head a provisional government of national consensus in order to sign the contract for financial aid and Greece to avoid a possible exit from the euro area.

Loukas Papademos was briefly an adviser in the shadow of George Papandreou, but withdrew because the socialist prime minister disregarded the advices given by him. He has long warned that if Greece does not meet its obligations under financial assistance agreements it will result in serious consequences in a huge uncontrolled debt haircut. In this connection, not only Greek banks, insurance funds, the real economy will suffer, but there is a risk for the whole eurozone.