Greece Takes the Next Step Toward Bailout Resolution

Shortly after withstanding a parliamentary confidence vote, Greek Prime Minister George Papandreou said negotiations will begin shortly to establish a coalition government, which he believes is necessary to secure a bailout from the Euro zone and overcome the country’s current debt crisis.

Before heading behind closed doors Papandreou told Greece’s President Karolos Papoulias that he felt it was necessary to establish a cooperative government because “a lack of consensus would worry our European partners over our country’s will to stay in the euro zone,” per Reuters. Sources report that Finance Minister Evangelos Venizelos is at the helm of the discussions and plans to lead the new coalition.

Papandreou has made it known that he is willing to relinquish his position in order to better the state of Greece. Per Reuters, Papandreou told Parliament just before the confidence vote, “”The last thing I care about is my post. I don’t care even if I am not re-elected. The time has come to make a new effort … I never thought of politics as a profession.” The new government will most likely exclude the conservative opposition party known as the New Democracy.