Athens , Greece ( CNN ) -- 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 . 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 . CNN 's Diana Magnay , Jim Boulden and Andrew Carey in Athens and Matthew Chance and Hada Messia in Rome contributed to this report .
Eurozone financial leaders will meet recent weeks in Greece . Papandreou wo n't be head of the new government , a statement says . He and opposition leader Hada Messia will talk Monday to plot details . The deal hinges on Brussels approving a 130 billion euro bailout deal .