Greece forms coalition government without Papandreou
Greek Prime Minister George Papandreou smiles prior to the confidence vote at the Greek Parliament in Athens on November 4, 2011.
Greek Prime Minister George Papandreou will step down as the leader of the government on the condition that the controversial 130 billion euro bailout deal is approved, Greece's president Karolos Papoulias announced on Sunday night, CNN reported.
The announcement follows a meeting on Sunday in which Papandreou and Antonis Samaras — the leader of the New Democracy party, Greece's leading opposition party — agreed to form a new government, Reuters reported.
The European Union gave Greece 24 hours to explain how it will form a coalition government to enact its emergency funding deal.
More from Globapost: Is Greece ungovernable?
Papandreou and Antonis Samaras had been in talks led by President Papoulias, before a meeting by finance ministers of euro zone countries in Brussels on Monday.
According to a statement from the president's office the two leaders have agreed to form a new coalition government.
"Tomorrow there will be new communication between the prime minister and the opposition leader on who will be the leader of the new government," the statement said.
More from GlobalPost: How to dress for a Greek protest.
Papandreou's successor will be chosen at talks in the morning, BBC reported.
Once the new leader has been named, Papoulias will invite all parties to join the new government.
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