Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Greece names new finance minister

@CNNMoneyInvest June 26, 2012: 9:54 AM ET
Greece quickly appointed a new finance minister Yannis Stournaras.

Greece quickly appointed a new finance minister Yannis Stournaras.

NEW YORK (CNNMoney) -- Greece moved quickly to appoint a new finance minister Tuesday, one day after Vassilis Rapanos turned in his resignation due to health reasons.

The Greek government named Athens University economics professor Yannis Stournaras as its new finance minister. Stournaras is considered one of the most influential economists in Greece.

He has also served as the head of the Foundation for Economic and Industrial Research, an influential private think tank that often advises the government. According to several news reports, Stournaras was part of the team that helped negotiate the nation's entrance into the eurozone.

Rapanos resigned after being hospitalized for acute nausea and dizziness.

The change up at the helm of Greece's finance ministry comes ahead of a key meeting of European Union leaders on Thursday and Friday.

It's unclear whether Stournaras will represent Greece at the EU summit. Prime Minister Samaras, who was hospitalized last week for eye surgery, is not expected to attend the summit in Brussels.

Greece's new coalition government has promised to honor Greece's financial commitments, but it is also expected to renegotiate the terms of the nation's bailout package.

-- CNNMoney's Ben Rooney contributed to this report.  To top of page

Index Last Change % Change
Dow 20,940.51 -40.82 -0.19%
Nasdaq 6,047.61 -1.33 -0.02%
S&P 500 2,384.20 -4.57 -0.19%
Treasuries 2.28 -0.01 -0.61%
Data as of 12:18am ET
Company Price Change % Change
Bank of America Corp... 23.34 -0.31 -1.31%
Intel Corp 36.15 -1.28 -3.42%
Advanced Micro Devic... 13.30 -0.32 -2.35%
Synchrony Financial 27.80 -5.25 -15.89%
Ford Motor Co 11.47 0.00 0.00%
Data as of Apr 28
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.89%3.85%
15 yr fixed3.10%3.05%
5/1 ARM3.16%3.11%
30 yr refi3.87%3.85%
15 yr refi3.08%3.07%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates: