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Greek politicians in talks over PM and unity government Greek politicians in talks over PM and unity government
(about 4 hours later)
  
Greek political leaders have resumed talks on appointing a new PM and interim coalition government after George Papandreou agreed to stand down. Greece's political leaders have been locked in debate over the formation of a unity government they hope can save the country from imminent bankruptcy.
They hope to clear the way for an EU bailout package which would save Greece from imminent bankruptcy. PM George Papandreou is to stand down once the government is formed but his replacement has not yet been named.
Greece is under huge international pressure to resolve its political crisis, in order to calm the markets. The new leadership will be tasked with ratifying a vital EU bailout package.
Finance Minister Evangelos Venizelos said the coalition talks were proof of Greece's commitment to the EU deal. Greece is under huge international pressure to resolve its political crisis, in order to calm the global markets and protect the eurozone.
Eurozone finance ministers are meeting in Brussels on Monday, adding to the pressure on Greece to find an early solution to the political deadlock. The country must accept the bailout if it is to avoid going bankrupt by the end of the year. But the deal demands stringent austerity measures and spending cuts which have proved hugely unpopular with many Greeks.
They are continuing discussions on how to defend the eurozone in the debt crisis. Mr Papandreou agreed to stand down on Sunday, after days of upheaval caused by his call - now revoked - for a referendum on accepting the bailout.
On Sunday, Prime Minister George Papandreou agreed to stand down after days of upheaval caused by his call - now revoked - for a referendum on accepting the bailout. He had since been trying to build a national unity government to replace his Pasok party administration, but the main opposition leader Atonis Samaras, of the New Democracy party, had been refusing to negotiate unless his rival resigned.
He is to remain in post for now but will stand down once the new government is formed.
The Greek socialist government and opposition conservatives are now in discussions on the framework of that government and their roles in it.
The waiting game continues in Greece as the name of the next prime minister remains unknown.The waiting game continues in Greece as the name of the next prime minister remains unknown.
Lucas Papademos, a former vice president of the European Central Bank, is the front runner. He helped Greece move from drachma to euro, a process he would hope will not have to be reversed as the debt crisis worsens.Lucas Papademos, a former vice president of the European Central Bank, is the front runner. He helped Greece move from drachma to euro, a process he would hope will not have to be reversed as the debt crisis worsens.
And though the political turmoil is not over, MPs have broadly welcomed the coalition deal. The new government will be faced with a deeply disillusioned population and a crisis which threatens the whole eurozone.And though the political turmoil is not over, MPs have broadly welcomed the coalition deal. The new government will be faced with a deeply disillusioned population and a crisis which threatens the whole eurozone.
The concern is that Greece's long-term financial prospects remain bleak. But this country is taking things day-by-day for now. It is too hard, perhaps too dangerous, to peer to far into the future.The concern is that Greece's long-term financial prospects remain bleak. But this country is taking things day-by-day for now. It is too hard, perhaps too dangerous, to peer to far into the future.
Lucas Papademos, a former deputy president of the European Central Bank (ECB), has been named as as potential interim prime minister, while Mr Venizelos - for a time considered to be candidate - is expected to remain at the finance ministry. But the beginning of the formation of the government was finally announced after late-night talks on Sunday between both men, hosted by President Karolos Papoulias.
A Greek government spokesman said a new administration would be sworn in and a confidence vote held within a week, if all went well.
Greece's new political roadmap envisages elections being held - possibly on 19 February - once the new government has approved an EU bailout package.Greece's new political roadmap envisages elections being held - possibly on 19 February - once the new government has approved an EU bailout package.
The country must accept the bailout if it is to avoid going bankrupt by the end of the year. But the deal demands stringent austerity measures and spending cuts which have proved hugely unpopular with many Greeks. Government figures spent Monday locked in discussions on the framework of the interim authority and their roles within it.
Merkel 'respects' decision Lucas Papademos, a former deputy president of the European Central Bank (ECB), has been named as as potential interim prime minister, while Finance Minister Evangelos Venizelos - for a time considered to be candidate - is expected to remain at the finance ministry.
Mr Papandreou had been trying to build a national unity government to replace his Pasok party administration, but the main opposition leader Atonis Samaras, of the New Democracy party, had been refusing to negotiate unless his rival resigned. The BBC's Mark Lowen in Athens says there will be immense pressure on whoever takes over, while European leaders will be hoping that person will work with them in trying to contain the country's debt crisis and prevent it from spreading further across the Eurozone.
The two men also disagreed sharply on the timing of new elections, with Mr Papandreou seeking a delay of several months while Mr Samaras wanted them immediately. Eurozone finance ministers held talks in Brussels on Monday, adding to the pressure on Greece to find an early solution to the political deadlock.
But the beginning of the formation of the government was announced after late-night talks between both men, hosted by President Karolos Papoulias, on Sunday. Mr Venizelos also attended the talks, telling reporters that the move towards a unity government was "proof of our commitment and of our national capacity to implement the programme and to reconstruct our country".
A Greek government spokesman said a new administration would be sworn in and a confidence vote held within a week if all went well. But eurozone finance minister have asked for written assurances from Mr Papandreou and Mr Samaras that they are committed to passing the rescue package.
Mr Venizelos has also met opposition members and agreed that 19 February would be the most suitable date for elections, according to finance ministry statements. Eurozone chief Jean-Claude Juncker said he was "quite confident that now the situation in Greece is developing in the right direction" but that it "should have been done months ago".
Mr Papandreou and Mr Samaras had their first phone call on Monday to discuss the details of the deal, according to Greek media. The EU says no more of the funds which have been promised to Greece will be released until the new bailout deal has been approved.
However, few other details of the plan have emerged, such as how quickly the bailout deal might be approved.
The BBC's Mark Lowen in Athens says there will be immense pressure on whoever takes over while European leaders will be hoping that person will work with them in trying to contain the country's debt crisis and prevent it from spreading further across the Eurozone.
As he arrived at the eurozone finance ministers' meeting in Brussels on Monday, Mr Venizelos said that the formation of a unity government was "proof of our commitment and of our national capacity to implement the programme and to reconstruct our country".
Eurozone chief Jean-Claude Juncker said he was "quite confident that now the situation in Greece is developing in the right direction" but said he did not expect a final decision on the new government by the end of Monday.
Political crisisPolitical crisis
The fresh bailout deal for Greece was agreed by the European Union last month, but Mr Papandreou faced the wrath of fellow EU leaders when he announced that he would put the deal to the people of Greece in a referendum The hard-fought bailout deal for Greece agreed by the EU last month gives the government 130bn euros (£111bn; $178bn) and imposes a 50% write-off on private holders of Greek debts, in return for deeply unpopular austerity measures.
But Mr Papandreou faced the wrath of fellow EU leaders when he announced that he would put the deal to the people of Greece in a referendum
The idea was dropped days later, but not without sparking a deeper financial crisis and triggering the political crisis which led to the confidence vote last Friday.The idea was dropped days later, but not without sparking a deeper financial crisis and triggering the political crisis which led to the confidence vote last Friday.
Mr Papandreou narrowly won that vote, but had been under continuing pressure to resign amid chaos over the debt crisis.Mr Papandreou narrowly won that vote, but had been under continuing pressure to resign amid chaos over the debt crisis.
The EU says no more funds will be released to Greece until the new bailout deal has been approved.
The deal gives the government 130bn euros (£111bn; $178bn) and imposes a 50% write-off on private holders of Greek debts, in return for deeply unpopular austerity measures.
The possibility of Greece leaving the euro has also been raised by EU leaders, if Athens fails to resolve its political and financial problems.The possibility of Greece leaving the euro has also been raised by EU leaders, if Athens fails to resolve its political and financial problems.
There are fears that the crisis could spread to bigger eurozone countries like Italy.There are fears that the crisis could spread to bigger eurozone countries like Italy.