November 7, 2011
Greece's major political parties on Sunday agreed to form a national unity government that will oversee elections after putting in place a debt-slashing deal, in the hope of averting financial catastrophe and winning back the trust of the nation's European partners.
The deal came about after Prime Minister George Papandreou agreed to step down to make way for a new prime minister under a commonly accepted government.
The administration is hoping to agree on a new government by Monday, ahead of a meeting of euro-zone finance ministers in Brussels that is expected to discuss whether to release Greece's next aid payment. Government spokesman Elias Mossialos said cabinet ministers serving in the new coalition will be named as early as Monday and the new government could be sworn in by the end of the week.
"There was pressure from the euro zone to have an agreement on a unity government before markets open Monday. This agreement has been reached," a Greek cabinet minister said.
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