Alexis Tsipras retains economic government to battle crisis

The new left-wing government of Greek Prime Minister Alexis Tsipras is tasked to tackle the worst modern day crisis took office on Wednesday, just three days after the Syriza party was returned to the seat of power.

The Guardian writes that the 27-member cabinet that would handle the Greek economic crisis was sworn on office Wednesday with goals set on "recovery and reconstruction." Tsipras retained the economics team that handled Athens's last EU bailout in his first term in office. Euclid Tsakalotos returned as finance minister, Giorgos Stathakis is still the head of the national economy ministry, which is now called the Ministry of Growth and Development, while Yannis Dragasakis remained as deputy prime minister. Meanwhile, Giorgos Houliarakis is still the junior finance minister.

The Business Spectator reported that Tsipras also has to address the ever-growing migration crisis. He went to Brussels later on Wednesday for an emergency summit about the migration crisis. This is just one day after the EU minister resolved on a deal to relocate 120,000 refugees, which angered some member states.

Meanwhile, Business Insider UK points out that Tsipras just appointed a minister that has a horrible record of anti-Semitic comments, Dimitris Kammenos, who is now the deputy minister for infrastructure, transport, and networks. Independent Greeks, like Kammenos, are notably right-wing and nationalistic. Kammenos even goes further as to having a back catalogue of computational comments against Jewish people.

Back to the economics team, the new government said it will focus on improving the business environment for small- and medium-sized enterprises, which is keeping the Greek economy afloat. There are almost 40,000 businesses that are expected to declare bankruptcy by the end of 2015. Meanwhile, there are already 150,000 companies that went that way since the crisis erupted back in 2008.

With the economy badly hit by this summer's closure of banks and imposition of capital controls, the government says it will prioritise improving the business environment for small- and medium-sized enterprises, the lifeblood of the Greek economy. Close to 40,000 are expected to declare bankruptcy by the end of the year, a path more than 150,000 companies have taken since the crisis erupted in late 2009.

The minister of state Alekos Flambouraris said, "Our priority will be kick-starting the economy, the real economy." The rapid implementations of the reforms are the key to real recovery.