Papandreou Reportedly Stepping Down as EU Demands Resolution

Greece’s cabinet and Finance Minister Evangelos Venizelos will meet today to discuss matters for Monday’s upcoming euro group meeting and to put together its new coalition government. The country’s Prime Minister George Papandreou is also expected to announce his resignation today after the meeting, according to a spokesman for the Socialist PASOK party.

Petros Moliviatis and Loukas Papai are two potential candidates to take over the Prime Minister reins while Venizelos will probably remain in his job. The new government will stay in place for four months and PASOK and the other big party, New Democracy wll partake for now.

Later on, some small parties may join the new government.

“Any new coalition will have three immediate tasks: pushing the¬†euro zone¬†bailout through parliament, completing a bond swap which will halve the value of private creditors’ Greek state debt holdings, and passing the 2012 budget,” according to Reuters.