Greek Premier to stand down to allow coalition government

Amidst intense pressure, the Prime Minister of Greece is going to step down on Monday to make way for a national unity government. The announcement was made on Sunday night by the Greece President Karolos Papoulias to assure EU leaders that Greece is serious about dealing with the debt crisis. Greece is currently on the verge of economic collapse and is desperate for the 130 billion Euros rescue package.

Before the announcement, Greek Premier, Papandreou, held talk with the head of the leading opposition, Antonis Samaras, and the President. It was agreed in the meeting that the interim coalition government, under a new Prime Minister, will work on the debt-relief agreement with the EU.

The Sunday's Presidential statement also stated that the two leaders, George Papandreou and Antonis Samaras, are going to meet on Monday. They will decide on the next Greece Prime Minister and the other ministers in the new ruling party. Both the leaders have agreed Feb 19, 2012 to be the suitable date for Greece Election.

In the new national unity government, both the Socialist party and the New Democracy party will have share. Both Greece and the EU leaders are expecting that the coalition government headed by a new Prime Minister will have backing of both the parties. He should be able to serve long enough to execute the new austerity measures needed for the fulfillment of the debt agreement and pass 2011 budget.