President Of Euro Central Bank Appointed

CNN Money reports:

The European Council on Friday appointed Italian Bank Governor Mario Draghi as the next president of the European Central Bank.

Draghi will replace the current ECB president, Jean-Claude Trichet, when his term expires on Oct. 31, according to the European Council. Draghi will serve as president until Oct. 31, 2019.

The European Council announced the appointment as it also said the Troika -- the European Commission, the International Monetary Fund and the ECB -- reached an agreementwith Greek authorities on a belt-tightening plan for the economy.