(Image Source: Greek News Daily)

BY VICTORIA CRAIG

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Greece might be one step closer to economic stability after weeks of uncertainty. The news comes as the troubled country’s Prime Minister George Papandreou agreed to step down late Sunday night in exchange for the opposition party to vote for a Greek bailout package. The BBC has more.

“After days of immense political turmoil, Greece is negotiating a new government. The embattled Prime Minister George Papandreou is making an exit in favor of a new coalition. The framework of the deal was reached last night in talks between Mr. Papandreou and the opposition leader. Today the two will meet again to determine who will take the helm of the next government.”

A second round of talks between Papandreou and the opposition leader took place Monday, but there’s no official word yet on who will head-up the interim government. Fox Business speculates who the most likely candidate will be.

“The front runner right now is Mr. Lucas Papademos who was one time governor of the Bank of Greece. He was also a vice president under Jean Claude Trichet at the Eurpoean Central Bank. He certainly has the financial background, but will he be the one to try and at least stabilize the political turmoil that’s been gripping this country and try and get a handle on the financial turmoil?”

Until the general election in mid-February, Papandreou and the opposition leader will facilitate negotiations on a new bailout deal with the European Union and a new budget plan. But one Greek official tells ekathamarinit talk and excitement over elections shouldn’t distract the Greek government from what’s really important.

“Foreign officials, which saw Greece over the past few days dangerously flirt with disorderly default and eurozone exit, expect the 15-week administration to shepherd the 130 billion euro bailout, the debt-wrecked nation's last financial lifeline, through Parliament.”

But the new government’s task will be anything but easy -- among other requirements, they’ll try to push a 130 billion eruo bailout through the Greek Parliament. The New York Times has more.

“The debt deal requires that the Greek Parliament pass a new round of deeply unpopular austerity measures, including layoffs of government workers, in a climate of growing social unrest. It also calls for permanent foreign monitoring in Greece to ensure that it makes good on its pledges of structural changes to revitalize its economy.”

Even with a new non-partisan interim government, an editor for the Wall Street Journal argues getting the austerity measures through Parliament -- and winning public approval -- remains an uphill battle.

“We’re in this position to begin with because the existing government under Papandreouhad these chronic rolling strikes -- general strikes, protests, sometimes violent. Now, how this is going to stop with this new arrangement is still anyone’s guess.”

If the new unity government fails, it could drive Greece to bankruptcy and pave the way for an economic disaster for the eurozone.