November 6th, 2011
04:33 PM ET

Greece's prime minister to quit in deal to salvage bailout package

Greek Prime Minister George Papandreou will step down as his government's leader, the country's president announced Sunday night - agreeing to do so on the condition that the controversial 130 billion euro bailout deal is approved.

The announcement follows a meeting on Sunday in which Papandreou and Antonis Samaras - the leader of the New Democracy party, Greece's leading opposition party - agreed to form a new government.

The two will meet again Monday to discuss who will become the nation's next prime minister as well as who will serve in the new government, according to the statement from President Karolos Papoulias.

No more details or a timeline of future events were disclosed, beyond that new national elections will be held sometime after the bailout is implemented. Earlier Sunday, Samaras told reporters that once Papandreou resigns everything will "take its course" and "everything else is negotiable."

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Filed under: Economy • Greece
soundoff (8 Responses)
  1. Andreas Moser

    My only confidence vote for Greece concerns Souvlaki, Moussaka and Gyros.

    November 6, 2011 at 4:34 pm | Report abuse |
  2. henry

    its not only greece its all governments when it comes to money none can handle it.and the end result will be everybody will be broke. And it is mostly at least 25% to many employees plain and simple

    November 6, 2011 at 5:07 pm | Report abuse |
  3. Black Beauty

    Oh Henry ! 🙂

    November 6, 2011 at 5:13 pm | Report abuse |
    • henry

      i would think you work fof government too

      November 6, 2011 at 6:36 pm | Report abuse |
  4. s kel

    And the sweet wine they have.

    November 6, 2011 at 7:13 pm | Report abuse |

    How can a very small country like Greece with it's scanty resources ever hope to pay back a $130B loan? If this deal goes through, Greece will suffer one of the most severe depressions on record while the leaders in Great Britain, France and Germany live high off the hog.

    November 6, 2011 at 9:06 pm | Report abuse |
  6. hermilazelaya

    Papandreou argued that if elections were to be held immediately it would be disastrous as it would leave the bailout deal “up in the air.”

    November 7, 2011 at 1:07 am | Report abuse |
  7. Grease

    Petroleum (crude OIL) is the grease on the axle of life. Without petroleum, you couldn't have baby oil, plastic, pharmaceuticals, etc...most products are based on the petroleum molecule. However, even without crude oil you would still be able to afford even cheaper gasoline for your car. How so? After WW2, many advanced nazi products and the men who designed and built them were captured and taken back to America...this is where we got NASA and Bayer AG pharmaceuticals.(ardent Nazi's like Werner Von Braun the Father of NASA, along with thousands of nazi rocket scientists, geneticists, engineers, designers, pharmacologists, etc,etc,etc, along with their hi-tech war machines, drugs, machinery, laboratories, etc) Also found was that over 1/2 of the Nazi war machine had been fueled using synthetic gasoline made from coal...this technology has been hidden from US by leaders who personally profit from OIL.The USA could run our economy off of Ng and synthetic fuels easily and cheaply, the gov simply won't allow it

    November 7, 2011 at 10:50 am | Report abuse |