George Papandreou (left), Papademos’ predecessor, announced days prior that he would step down from office after barely winning a vote of confidence. Greek lawmakers had called on Papandreou to allow a "less divisive figure" to take the reigns and guide Greece through its current debt crisis.

“The new cooperation government will do the best it can to address the country's problems, and I believe that with the cooperation of all — and the new government stresses this — and the unity of all, we will achieve that,” Papademos told Papandreou, according to the Associated Press.

The change in government is a result of fierce pressure from European officials who seek swift implementation of the bailout plan to prevent Greece's debt crisis from infecting larger economies such as Italy and Spain.

The new government will remain in office until implementation of the bailout plan is secured.

Watch Lucas Papademos Sworn In As The New PM Of Greece