After the first meeting failed, Carlos Papoulias convened another meeting of leaders of political parties on Thursday. Commentators believe the nomination of Filippos Petsalnikos has "dropped out".

LAOS withdrew its support from the coalition government, said its leader, George Karatzaferis, angrily, after leaving the presidential building. He insists on Lucas Papademos' candidacy.

The three tasks of the new government are to sign the contract for the second bailout, complete the 50% haircut on the debt held by private creditors and change the mentality of the Greek economy.

A European arrest warrant has been issued for the 55-year-old Greek, who is believed to have participated in a criminal organization associated with fraud, bribery, extortion, and match fixing.

It is expected that the Greek Prime Minister will resign, and then the procedures for forming the coalition government will start. According to sources, present Minister of Finance Evangelos Venizelos or parliamentary chief Filippos Petsalnikos will be the new Prime Minister.

Nikolaos Georgakopoulos is an economic assistant at the Centre for Financial Studies in Athens. He has tried to explain to GRReporter what the insurance on Greek government bonds, known as CDS, are. He has presented his point of view on what should happen with the Greek foreign debt, stating that the greater the reduction in the face value of debt held by private owners, investment funds and banks, the faster Greece would emerge from the debt crisis.

Sources say deputy prime minister Evangelos Venizelos opposed the candidacy of the banker, because he wanted to change the team of the Ministry of Finance.