Greek Prime Minister Costas Karamanlis has taken responsibility for the loss of government by New Democracy in his concession speech made on national television from the Zappeion Centre in Athens.

Mr Karamanlis said that he had put forward a program to face the greatest economic and political crisis Greece has every faced. 

However given the he electorate had not supported that program, Mr Karamanlis said that he had no choice but to stand down as leader of New Democracy.

The leader of New Democracy announced that a new leader will be elected at a national party conference to be held in one month’s time.

Mr Karamanlis emphasized he is not resigning from Parliament and will continue in the frontline of political life as New Democracy returns to Opposition.