Initial agreement reached in Greece power-sharing

Athens: The Greek President's office says the country's prime minister and the leader of the main Opposition party have reached an initial agreement on forming an interim government.

In a statement read on Greek media on Sunday night, the office says Prime Minister George Papandreou will not head the interim government and that talks on details of who will form the new Cabinet will continue on Monday.

The interim government is expected to be in place for about three to four months in order to ensure a new European debt deal and secure a vital installment of bailout loans that Greece needs to avoid default.

The initial agreement came after a week of intense political drama sparked by Papandreou's announcement he was taking the debt deal to a referendum. He withdrew the plan Thursday after intense opposition from European leaders and his own lawmakers.