Greece named prominent economist Yannis Stournaras, who was involved in the country's negotiations to join the euro, as its new finance minister Tuesday, June 26, AP reported.

Prime Minister Antonis Samaras' office made the announcement a day after the banker previously named to the position, Vassilis Rapanos, resigned for health reasons.

Stournaras, 55, is currently the head of the Foundation for Economic and Industrial Research, a think tank and research body that advises the government. A professor of economics at the University of Athens, he spent several years heading the Finance Ministry's Council of Economic Advisors.

"I do think we have the ability to get past this problem. But we must be realistic," Stournaras said about Greece's financial crisis, speaking at a book presentation shortly before his appointment was announced.