Photo courtesy of World Economic Forum

As part of the deal, George Papandreou will step down as prime minister. It is unclear when, however. A successor has yet to be named. The deal was reached between Papndreou and opposition leader Antonis Samaris. Greece was under international pressure to resolve political deadlock before Eurozone finance ministers resumed meetings Monday.

Shortly after the deal was announced, the European Union gave Greek leaders 24 hours to present a report on how a unity government will be formed in order to facilitate the bailout.

Papandreou survived a vote of confidence one day before agreeing to step down. He said he would not do so until the country was ready.

"It's clear this government is prepared to hand over the baton, but it can't hand it over into a vacuum," Papandreou said.

According to the New York Times:

      "In one scenario being discussed in the Greek media Sunday, Mr. Papandreou might cede power to a unity government including politicians from the Socialist and New Democracy parties but led by a non-political figure. One name being mentioned as a possible leader is Lukas Papdemos, a former governor of the Bank of Greece."

Greek leaders will resume discussions Monday to decide on a new PM and a timeline for the transition.