Embattled Greek Prime Minister George Papandreou yesterday axed his Finance Minister, naming a former foe to implement deeply unpopular austerity measures and ward off economic meltdown.

Outgoing Minister of Defence Evangelos Venizelos, a tough-talking party veteran who had challenged Mr Papandreou for the party leadership in 2007, was promoted to the critical post and also named Deputy Prime Minister.

Mr Venizelos, 54, is a French-educated constitutional expert who previously headed Greece’s frenetic preparations to host the Athens 2004 Olympics.

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