Greek PM to Step Down

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.