Efforts to form a unity government to steer Greece out of its financial quagmire are taking longer than expected.
It is being reported a new prime minister has been agreed upon but an announcement will not come until late morning. The front-runner is Lucas Padademos the former deputy head of the European Central bank.
The name of Evangelos Venizelos has also been touted but many believe he should continue in his current role as finance minister for what is being dubbed the “hundred day coalition”.
That is because following talks on Saturday between outgoing Prime Minister George Papandreou and opposition leader Antonis Samaras, elections will now be held on February 19.
Party leaders have been under pressure from the European Union and the International Monetary Fund to put their political house in order as a first step to straightening out a monumental economic crisis.
If they do not then they risk missing out on the next portion of a bailout package and quite simply running out of cash.