Will new prime minister introduce a more market friendly economy to Greece?

Pledging hard work new Greek Cabinet sworn

Mitsotakis faces the challenge of keeping Greece's worldwide creditors happy while implementing the measures he promised to ease hardship on Greeks, such as lowering taxes and renegotiating fiscal targets.

He had briefly served as caretaker prime minister at the peak of Greece's economic crisis in 2012, and was appointed Deputy Prime Minister, essentially Mitsotakis' right hand.

The incoming government's promise to lower taxes and calls to ease the strict budget targets was bluntly rejected by Greece's creditors even before the new ministers had been sworn in.

"Commitments are commitments, and if we break them, credibility is the first thing to fall apart", Mario Centeno, president of the Eurogroup, said after the meeting. That condition has shackled government spending and, critics say, stifled the country's recovery.

New Greek Prime Minister Kyriakos Mitsotakis has to cope with a national debt exceeding 180 percent of gross domestic product and 45 percent of non-performing or risky loans to banks, according to Associated Press.

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"The main take-away is that New Democracy's government will be the first one-party government in Greece after almost 10 years", said Spyridoula Tzima, a senior financial analyst at Global Sovereign Ratings. "Hard work begins today". Tsipras became the latest in a series of Greek political leaders to suffer election defeat after implementing tough policies prescribed by bailout creditors from the euro area and International Monetary Fund since 2010.

Mitsotakis, who replaces leftist Alexis Tsipras as prime minister, also gave his cabinet a list of priorities up to December as part of a government action plan, urging them to speed up the implementation.

Mitsotakis's new Cabinet will rely heavily on experienced politicians who served in previous conservative governments.

The foreign ministry was given to Nikos Dendias, who held previous Cabinet positions in the ministries of development, defence and public order, while a former public order minister under a previous socialist government, Michalis Chrisohoidis, takes the reins of the ministry once again as one of Mr Mitsotakis' non-parliamentary appointees.

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