Greek Prime Minister George Papandreou survives confidence vote, averting snap election (VIDEO)

Greek Prime Minister George Papandreou survived a parliamentary confidence vote Saturday, averting snap elections and a debt default which would have worsened the euro zone economic crisis.

However, the "political, social and economic turmoil" in the country looks set to continue, after Papandreou made an emotional pledge to step aside in favor of a unity government, Reuters reports. 

The 153-145 vote by lawmakers in support of Papandreou's ruling Panhellenic Socialist Movement (PASOK) party signaled Greek approval of the bailout deal reached with European leaders before Greece runs out of funds next month.

According to Reuters, a rebellion by some in the PASOK party — founded by Papandreou's father nearly four decades ago — "failed to materialize after he indicated that his term as prime minister was close to an end."

In a speech before the vote, Papandreou said:

"The last thing I care about is my post. I don't care even if I am not reelected. The time has come to make a new effort… I never thought of politics as a profession."

The vote caps "a week of drama in Athens that horrified its European partners, spooked global markets and overshadowed the Group of 20 summit in the French resort of Cannes," The Associated Press reported.

Europe, already struggling under bailouts for Greece, Ireland and Portugal, hammered out the Greek debt deal in Brussels on Oct. 26 as part of the broad accord to shore up the euro.

However, Papandreou then roiled markets by unilaterally deciding to put the terms of that rescue to the Greek people in a referendum, which he called off Friday amid heavy domestic and international pressure.

(GlobalPost reports: Papandreou scraps referendum)

Meanwhile, Papandreou said he would meet with President Karolos Papoulias to discuss the creation of an emergency government to drag itself out of political stalemate caused by two years of austerity. 

Finance Minister Evangelos Venizelos said any new government — which he has reportedly secured backing to lead — would last until the end of February, the AP reports.

A new government would call early elections a few months after the bailout was secured, Reuters reported, citing sources close to the deal.

The leaders of the far-right LAOS party and another center-right party indicated after Papandreou's speech that they would cooperate in a new coalition.

Snap elections would have plunged Greece further into political chaos.

However, main opposition leader Antonis Samaras has rejected the offer of an emergency administration to oversee the debt deal and demanded  elections.

Regardless of whose in power in Greece, the The New York Times wrote:

If Parliament does not approve the deal, it could jeopardize the next installment of foreign aid — money Greece needs to meet basic expenses and prevent a default whose worst-case outcome would have banks beginning to topple throughout Europe and would threaten other governments.