Former European Central Bank vice-president Lucas Papademos has been named as Greece's new prime minister, following days of negotiations. Papademos said he was taking over at a "critical point" for Greece.
George Papandreou will step down and a coalition government will be formed to govern until elections will be held. But they have a major role: approving the steps needed to fulfill the conditions of the EU bailout.
Greece's financial woes continue to teeter on the brink of collapse as they face the possibility of becoming the first Euro-zone country to default. For more on this situation, we're joined by Louise Story and Steve Evans.