Former Prime Minister George Papandreou is expected to unveil his new party on Saturday, in time for it to take part in the January 25 elections.
The triggering of snap elections in Greece has prompted many to believe that a SYRIZA government is a foregone conclusion. However, a number of factors suggest that the road ahead will have far more twists and turns.
Greece is heading to snap elections on January 25 after Parliament failed to elect a president in the third and final vote on Monday.
The Greek government goes into the final round of the presidential vote on Monday knowing it is unlikely that its candidate, Stavros Dimas, will be elected and that snap national elections will have to be called.
Prime Minister Antonis Samaras has decided not to increase the offer he made last Sunday in a bid to secure the election of Stavros Dimas as president in the third and final vote on Monday.
The government will be on a slightly stronger footing going into the third and decisive presidential ballot on December 29 after candidate Stavros Dimas drew 168 votes in the second round on Tuesday.
The government looks certain to build today on the 160 votes it received in the first presidential election but the second ballot is likely to leave much ground to be covered before the final election on December 29.
Recent surveys have highlighted three clear trends in Greek public opinion: A slight majority in favour of avoiding snap elections, a closing of the gap between SYRIZA and New Democracy and a prevalent mistrust of both the government and the opposition.
In one more tactical move before the critical final vote for president, Prime Minister Antonis Samaras softened his stance on Sunday, offering a deal to any parties or MPs that back his candidate Stavros Dimas and help avoid snap elections.
New allegations of attempts to bribe an Independent Greeks MP have surfaced, threatening to cast a shadow over the presidential vote and perhaps affect the way that undecided parliamentarians vote.