Former Greek Prime Minister George Papandreou has launched a new political party, the Movement of Democratic Socialists.
The new party has yet to outline its policies. During the inaugural speech, he referred to humanism, social justice and transparency, as well as the difficult choice he made to break with the center-left Pasok party formed by his father.
The move comes just over three weeks before the January 25th snap election, called after lawmakers failed to elect a president last month. The result is expected to be close, with the left-wing anti-bailout party Syriza holding a slim lead. But the new party's arrival could draw support away from Syriza and the party now in power - New Democracy, neither of which may be able to govern alone.
Papandreou was prime minister when the euro zone crisis broke and he agreed to Greece's first bailout agreement in 2010. He was ousted the following year over a botched effort to hold a national referendum on the bailout.