1. Europe

    Greek PM to Step Down

    Greek Prime Minister George Papandreou arrives at the presidental palace in Athens on November 6, 2011 for meeting with Greek President Carolos Papoulias and opposition leader Antonis Samaras. Papandreou agreed to step down, removing a key stumbling block which had held up an accord just hours before nervous financial markets reopen on November 7 with the euro in the line of fire.  AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)

    Louisa Gouliamaki / AFP / Getty Images

    Greek political leaders agreed Sunday to form a transitional administration to oversee the country’s EU bailout—a deal that will force Prime Minister George Papandreou to resign once its details are completed. The country’s two main parties, the Socialists and the New Democracy party, will govern together, and a nonpolitician is expected to take over from Papendreou. This new prime minister will govern for several months—enough time to see the debt deal to its conclusion and pass a budget for 2011. Reuters tips Lucas Papademos, the former deputy president of the European Central Bank and a leader in Greece’s entry into the euro zone, to be the next prime minister.

    Read it at The New York Times