According to sources, Papandreou and Samaras have agreed on the banker Lucas Papademos to be the new Prime Minister of Greece. The information that he is on his way to Athens has not been confirmed so far. Late last night, PASOK and New Democracy members have also set the date of early elections.

Samaras and Papandreou agreed that the new government will fulfill the obligations under the agreement from October 26th and will then call for early elections.

The leader of the far-right party George Karadzaferis claims that PASOK and New Democracy have agreed upon the name of the new Prime Minister and are now negotiating the details.

The leader of New Democracy softened his position under the pressure from the disaster that can come with the new drachma.

Political cacophony collapsed the already fragile finances of Greece. Among other anomalies in fiscal consolidation and structural reforms, the ultimate goal to lower the budget deficit to 9 percent of GDP by December is unattainable.

The European People's Party criticized the position of Antonis Samaras. "The support for a transitional government in Greece must be expressed by Monday", said representatives from Brussels.

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