Lucas Papademos, who served as Vice President of the European Central Bank from 2002-2010, could become the head of Greece's new interim government, according to numerous reports.

The political leaders of Greece's two biggest parties are scheduled to resume talks on Monday and announce who will be the country's new prime minister.

"It seems we are getting closer to agreeing on Papademos becoming the interim prime minister, but there is no deal yet," a senior Socialist party official told the Wall Street Journal. "There are still voices in Pasok that say the prime minister should be a political person, while New Democracy wants a technocrat. So the choice is not final."

On Sunday, the two parties reached a power sharing deal to clear the way for a massive financial rescue package and avoid bankruptcy.

The new 15-week administration will have the task to pass a $179 billion package before elections on February 19th and avoid the country's bankruptcy.

Bailout loans for Greece had been kept on hold while the country solved its political turmoil. Once the Greek government passes the rescue package those loans will be paid out.

Greece's announcement today is awaited by European finance ministers who are scheduled to gather in the evening to discuss the country's crisis.