Greek leaders entered a second day of closed-door talks Sunday to end an ongoing political crisis, under intense pressure to ensure the country doesn't go bankrupt in the next few weeks and that it remains in the eurozone. 
 
 Greece's Prime Minister George Papandreou pauses during a meeting with Greek President Karolos Papoulias, at the presidential house in Athens on Saturday, Nov. 5, 2011. Embattled Greek Prime Minister... (Associated Press) 
 
 The Socialist government of Prime Minister George Papandreou, who narrowly survived a parliamentary confidence vote early Saturday, said it has started talks to form a temporary coalition to run the country for the next four months. The government will also hold an emergency Cabinet meeting at 4 p.m. (1400 GMT; 9 a.m. EST). 
 
 Papandreou, mid-way into a four-year term, has promised early elections by March and said he would step aside once a new unity government is agreed on. 
 
 But the conservative leader of the main opposition New Democracy party said Sunday no talks between the two parties were taking place and Antonis Samaras also reiterated his stance that Papandreou must resign before any coalition discussions can take place. 
 
 Samaras made his latest comments after a brief meeting with President Karolos Papoulias, a mainly ceremonial figure who has called for collaboration between the two main parties. It wasn't immediately clear if the Socialists were holding coalition talks with smaller parties as an alternative to the conservative party, or were speaking among themselves about what steps to take. 
 
 Greece has been surviving since May 2010 on a first euro110 billion ($152 billion) bailout. But its financial crisis was so severe that a second rescue was needed as the country remained locked out of international bond markets by sky-high interest rates and facing an unsustainable national debt increase. 
 
 The new European deal, agreed on by the 27-nation bloc on Oct. 27 after marathon negotiations, would give Greece an additional euro130 billion ($179 billion) in rescue loans and bank support. It would also see banks write off 50 percent of Greek debt, worth some euro100 billion ($138 billion). The goal is to reduce Greece's debts to the point where the country is able to handle its finances without relying on constant bailouts. 
 
 Greece's lawmakers must now approve the new rescue deal, putting intense pressure on the country's leaders to swiftly end the political crisis so parliament can convene and put the debt agreement to a vote. 
 
 "In these critical moments, the two (main) parties are merely wasting time," said lawmaker Giorgos Kontoyannis, a former New Democracy member of parliament who has joined splinter group Democratic Alliance. "I want to say to my former New Democracy colleagues that our responsibility to our country is individual and not bound by party allegiance." 
 
 In return for bailout money, Greece was forced to embark on a punishing program of tax hikes and cuts in pensions and salaries that sent Papandreou's popularity plummeting and his majority in parliament whittled down from a comfortable 10 seats to just two. 
 
 Papandreou's government came under renewed threat after his disastrous bid this past week to hold a public referendum on the new euro130 billion ($179 billion) deal. The idea was swiftly scrapped Thursday after an angry response from markets and European leaders who said any popular vote in Greece would determine whether the country would keep its cherished membership in the eurozone. They also vowed to withhold a critical euro8 billion ($11 billion) installment of loans from an existing bailout deal that Greece needs urgently to stave off an imminent and catastrophic default. 
 
 After the aborted referendum idea, Papandreou's government survived a confidence vote. Now, EU partners and creditors are pressing Papandreou and other political leaders to form a coalition government as a condition to receive any further rescue funds. 
 
 Government spokesman Elias Mossialos told state television Sunday that talks have begun and the name of the new prime minister should be known by Monday, in which case Papandreou would resign. Mossialos later told The Associated Press that his remarks regarding a new premier expressed "a personal wish" and are not an official announcement. 
 
 Samaras' party denied any talks were taking place "either in the open or behind the scenes." 
 
 The socialists and the main opposition New Democracy differ on the duration of such a caretaker government, with the opposition demanding elections within a few weeks and the government saying the coalition Cabinet should last through the end of February. ||||| Story highlights Eurozone financial leaders will meet Monday in Brussels 
 
 Papandreou won't be head of the new government, a statement says 
 
 He and opposition leader Samaras will talk Monday to plot details 
 
 The deal hinges on Greece approving a 130 billion euro bailout deal 
 
 Greek Prime Minister George Papandreou will meet Monday with the leader of the country's main opposition party to discuss who will become the nation's next prime minister -- a day after an announcement that Papandreou he will step down amid the country's financial crisis. 
 
 Papandreou's planned resignation -- announced by President Karolos Papoulias -- is contingent on the approval of the controversial 130 billion euro bailout deal. 
 
 On Sunday, Papandreou met with Antonis Samaras -- the leader of the New Democracy party, Greece's leading opposition party -- and agreed to form a new government. 
 
 During Monday's meeting, the two will discuss who will serve in the new government as well as who will be the next prime minister, according to a statement from the president. 
 
 New national elections will be held sometime after the bailout is implemented, but no more details nor a timeline of future events were disclosed. 
 
 Earlier Sunday, Samaras told reporters that once Papandreou resigns, everything will "take its course" and "everything else is negotiable." 
 
 The move appears to close one chapter in Greece's tumultuous political and economic saga, as Papandreou had become a lightning rod for critics for his leadership of the south European nation as it tackles a prolonged financial plight. 
 
 It also paves the way for passage of an agreement that Papandreou negotiated October 26 with European leaders. The deal would wipe out 100 billion euros in Greek debt, half of what it owes to private creditors, and includes a promise of 30 billion euros to help the public sector pare its debts -- making the whole package worth a total of 130 billion euros ($178 billion). 
 
 But Greece's turmoil is far from over. The bailout -- the second it has received from the European Union and International Monetary Fund -- would be accompanied by additional austerity measures such as slashing government jobs, privatizing some businesses and reducing pensions. It also comes at a time when Greece's economy -- and to some extent the global economy -- is still staggering. 
 
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 Though Greece ranks 32nd in terms of gross domestic product, experts say it wields a disproportionate influence internationally. Economists worry that a Greek default on its debt could pull down larger European economies -- particularly those of Italy and Spain, as well as struggling Portugal and Ireland. 
 
 Eurozone finance ministers are scheduled to meet Monday in Brussels, Belgium. 
 
 Within Greece, the bailout's passage would be a significant victory for Papandreou. He has insisted repeatedly in recent weeks that it needs to be approved -- signaling that he'd be willing to resign as prime minister, a job he has held since 2009, as long as that happens. 
 
 Earlier Sunday, Greece's president met ahead of a Cabinet meeting with all party leaders -- including Papandreou, who heads the socialist PASOK party, and Samaras. 
 
 Finance Minister Evangelos Venizelos is likely to remain in his post as finance minister in a new government, sources told Greek television. 
 
 Candidates for the prime minister's job include Petros Moliviatis and Loukas Papaimos, according to Greek television. 
 
 The new government will have a life of four months, according to Greek television, citing sources, and elections will take place in early spring. 
 
 On Monday -- in addition to a meeting between Papandreou and Samaras -- the Greek president will hold another meeting open to heads of all Greece's political parties.
– Greek PM George Papandreou will step down as soon as a new coalition government is formed, CNN reports. As the Greek Cabinet met a second day today in a last-ditch effort to avoid bankruptcy, the government issued a statement saying the meeting would be the last presided over by the embattled Papandreou, whose exit has often been predicted in recent days. Leading candidates to replace him include Petros Moliviatis and Loukas Papaimos; the new government will have a shelf life of four months, followed by elections in the spring. "We need to have an agreement during the course of today for a new coalition government, and we need to specify by tomorrow, Monday, the name of the new prime minister," said a spokesman for Papandreou's PASOK party. "I can sense the agony of the Greek people," said opposition leader Antonis Samaras, adding that "everything will take its course" when Papandreou resigns and "everything else is negotiable."