Greek PM expected to resign
Spokesman: Papandreou will step down when coalition gov't is formed
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Office of Prime Minister of Greece/FlickrGreek Prime Minister George Papandeou speaks at a press conference following a meeting of the European Council on Oct. 27 in Brussels, Belgium.
Greek Prime Minister George Papandreou is expected to resign from his position after the nation's new coalition government has been formed, a spokesman from his party said Sunday, CNN reported.
According to the statement Finance Minister Evangelos Venizelos will represent Greece in the meeting.
Papandreou will resign after the coalition government is announced, said a spokesman for Papandreou's socialist PASOK party, according to CNN.
Venizelos will most likely remain in his post as finance minister in a new government, CNN reported. Candidates for prime minister include Petros Moliviatis and Loukas Papaimos, according to Greek television.
As elections will be held in early spring, the new coalition government will only have a life of four months, Greek television reported.
The coalition government is tasked with saving the nation from bankruptcy.
A Greek default could drag down larger European economies, in particular those of Italy and Spain, as well as struggling Portugal and Ireland, analysts warn.
Greece's president, Karolos Papoulias, has appealed for cooperation to resolve the political crisis in Greece following the tumultuous week during which Papandreou announced and ditched a plan for a referendum on a euro zone bailout package.
"My aim is to immediately create a government of cooperation," Papoulias said at the presidential palace, Reuters reported. "A lack of consensus would worry our European partners over our country's will to stay in the euro zone."
According to Reuters, there is a widespread fear that Greece might be forced out of the euro.
This article originally appeared on GlobalPost.
