BUSINESS
11/06/2011 08:49 am ET | Updated Jan 06, 2012

George Papandreou Resigning: Greece Prime Minister Reportedly To Step Down

Greek Prime Minister George Papandreou will step down a temporary new coalition government is decided, CNN reports.

One Greek lawmaker tells Reuters that his resignation could come as soon as Sunday night.

The news comes in the middle of closed-door talks as Greek leaders attempt to resolve an ongoing political and economic crisis. Lawmakers are trying to come up with a solution to save the country from bankruptcy.

Greek officials have already called for the Prime Minister's resignation. Earlier on Sunday, Antonis Samaras, the head of Greece's main opposition party, said that the Prime Minister's presence was halting a possible solution.

On Monday, Eurozone finance ministers will meet in Brussels to discuss a bailout plan for Greece. A Greece default could have disasterous effects on other Eurozoen countries such as Germany and France.