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Outgoing Greek Prime Minister Costas Karamanlis on Sunday said he was stepping down as conservative party leader after a resonating electoral defeat at the hands of the opposition socialists.
"The only responsible and honest course of action for me is one: I assume responsibility for the result and will launch procedures for the election of a new party leader," an emotional Karamanlis said in a televised address.
An emergency party congress will be held in a month's time, he said.
"It is self-evident that I will not be a candidate," Karamanlis said, adding that he intends to remain with the party and support his successor.
New Democracy turned out one of its worst showings in its 35-year history on Sunday, garnering a mere 35.06 percent of the vote compared to 43.59 percent won by the victorious socialists of George Papandreou according to early results from one in two polling centres.
