Greece names new finance minister

Greece on Tuesday named the vice minister for finance Philippos Sachinidis to become the new finance minister.

Sachinidis, who is 49, replaces Finance Minister Evangelos Venizelos who stepped down on Monday after taking over the socialist Pasok party.

Greece on March 12 completed a landmark exchange with private investors for bonds issued under Greek law, erasing over 94 billion euros in near and midterm debt in return for longer-term maturities.