Greece Settles on New PM

Greece has a new leader, as long as no last-minute obstacles pop up: parliament speaker Filippos Petsalnikos, who founded the ruling socialist PASOK party. Sources confirm that the parties settled on Petsalnikos to lead a unity government after three days of feuding. "We have agreed on Petsalnikos, but things can change between now and when the prime minister sees the president," a source tells Reuters.

In a TV address today before meeting with Greece’s president to formally resign, George Papandreou wished the new PM well but did not name him, the Wall Street Journal notes. "I am proud that, despite the difficulties, we avoided bankruptcy and ensured the country stayed on its feet," he added. An idea to recruit former European Central Bank VP Lucas Papademos was ditched after politicians apparently refused to let him choose his own team. (More Filippos Petsalnikos stories.)