Political leaders in Greece will meet later to discuss who will make up the cabinet of its new coalition government.
It hasn’t been decided yet who’ll lead it – but it won’t be George Papandreou, who will step down as Prime Minister under the terms of a deal announced last night.
It was also agreed that this coalition government will call an election, after it implements the EU bailout deal.
One name being mentioned as a possible leader is Lukas Papademos, a former governor of the Bank of Greece.
But Greek Politics Expert at the London School of Economics, Kevin Featherstone says not having a political figure as a Prime Minister could bring its own dangers.
Meanwhile
Attention will also turn to Italy today – another country who may be on the brink of defaulting on its debts.
It’s feared the country could be pushed out of the borrowing markets after Italian bond interest rates rose sharply on Friday.
The country also has debts totalling 1.9 trillion Euro.
It was revealed over the weekend that the Italian Prime Minister, Silvio Berlusconi had turned down an offer of a bailout from the IMF.
There’s now pressure on him to resign.
