Bank of Greece elected new governor

The Bank of Greece, the country's central bank, on Monday elected Nikos Garganas as its new governor in a move backed by the government.

Garganas held until now deputy governor position and was unanimously elected to his new position by the bank's general council. A parliamentary committee has to approve the appointment.

He replaces Lucas Papademos, who has been named vice president of the European Central Bank.

Papademos, who recommended Garganas for the post to the government, submitted his resignation to the general council, effective on June 1. Chosen as deputy governor of the Bank of Greece to replace Garganas was Nikos Paleokrassas, a member of the institution's monetary committee.

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