Venizelos to Lead Greek Socialist Party

By STELIOS BOURAS

The Wall Street Journal

ATHENS—Greek Finance Minister Evangelos Venizelos is set to become the new leader of the Socialist party as the country heads to the polls next month after completing a mammoth debt restructuring.

Mr. Venizelos emerged Sunday as the only candidate to head the Socialists, also known as Pasok, after two rivals failed to garner the necessary support.

"Mr. Venizelos is the only candidate for the position," a party official said. "His election as party president will be formally ratified in a party vote to be held across the country March 18."

Until then, former Prime Minister George Papandreou will stay on as president, the official said.

Greece's interim government, backed by Pasok and the conservative New Democracy party, took power in November with the task of bringing the country's €130 billion ($170 billion) bailout to fruition. Last week Greece clinched a debt swap with private-sector creditors, satisfying a condition for the fresh aid. Top European Union officials have indicated they will approve the second bailout for the cash-strapped nation in coming days.

New Democracy President Antonis Samaras, who is most likely to become Greece's next prime minister, repeated calls Sunday for immediate elections, saying they should be held after the Orthodox Easter on April 15.

He spoke of speculation that the elections would be put off until September, or worse, until next year. "Today, we all know that elections will take place straight after Easter," he said, without giving an exact date.

Government officials have said elections will be held in April.

With Greeks angry at how their politicians have handled the crisis that erupted in late 2009, the two main parties have their work cut out for them.

Recent surveys show that voters continue to throw their support behind smaller, fringe parties as support for mainstream politicians withers.

A survey showed earlier this month that nine political parties—up from five currently—would gather enough support to pass the minimum 3% threshold needed to enter parliament.

The same poll showed that the New Democracy party continues to lead in public opinion, getting 28% of the vote, but not enough to form a governing majority in the 300-member parliament even with a 50-seat bonus awarded to the leading party under Greece's electoral system.

It also showed that the Socialist party would get just 11% of the vote, up three percentage points from a month ago, but still close to historic lows for the party.

Write to Stelios Bouras at stelios.bouras@dowjones.com