Greece search for new leader hits snag

Leaders of Greece\'s top political parties failed to agree Wednesday on a successor to Prime Minister George Papandreou and formation of a new government. Greece announced Papandreou would resign, handing his resignation in to President Karolos Papoulias. A meeting led by Papoulias ended without an announcement on new leadership for Greece, Athens News Agency reported. Papandreou, participated in the meeting, along with Antonis Samaras, head of the main opposition party, New Democracy, and right-wing Popular Orthodox Rally leader George Karatzaferis, who left the meeting after a few minutes charging Papandreou and Samaras of \"playing tactical games.\" In a televised speech, Papandreou said political change in Greece is the \"beginning of a new political mentality, a new political culture,\" ekathimerini.com reported. Papandreou pledged support for the next prime minister and government in \"a common effort to ensure the country moves forward, not only to remain part of the eurozone but also to emerge from the crisis.\" The negotiations to pick a new prime minister hit the snag hours after former European Central Bank Vice President Lucas Papademos, a respected economist, was close to being named. CNN reported Papandreou phoned French President Nicolas Sarkozy to tell him the new Greek government would have support from opposition and majority members of Parliament. Hanging in limbo is not only the government, but the Greek financial bailout. Finance leaders in Europe have insisted Greece sign a letter stating it intends to stick with the austerity budget plans to qualify for the next disbursement of bailout funds. Reports in Greece say Finance Minister Evangelos Venizelos informed members of the Cabinet that Papandreou, his successor, Samaras and the governor of the Bank of Greece would be expected to sign the letter of intent. Concerning Papandreou\'s replacement, the latest person mentioned as the likeliest contender Wednesday was Vassilis Skouris, president of the European Court of Justice, and observers didn\'t rule out a surprise challenger, The New York Times reported. Media outlets this week reported Papademos was the top choice to succeed Papandreou, who said he would resign once political negotiators establish a new unity government. Negotiations bogged down Tuesday when Samaras recoiled at a demand by the European Union\'s group of finance ministers that the five top Greek leaders commit in writing to the terms of an expanded bailout reached last month, the Times said. \"There is such a thing as national dignity,\" Samaras said in a statement. \"I have repeatedly explained that in order to protect the Greek economy and the euro, the implementation of the Oct. 26 agreement is inevitable.\" European Economic and Monetary Affairs Commissioner Olli Rehn said without the signed documents, Greece would not receive the loan installment of $10.9 billion it is expecting, ekathimerini.com reported.