Former Greek prime minister George Papandreou has revealed plans to create a new political party — a development that will see him break away from the once powerful PanHellenic Socialist Movement founded by his father.

Papandreou, 62, announced the plan on his website Friday, ahead of a snap general election on Jan. 25.

Papandreou served as prime minister between 2009 and 2011. He was at the helm at the height of Greece's financial crisis which triggered a collapse of support for Pasok.

The statement said further details would emerge Saturday after documents have been filed to a high court.

Papandreou's father, Andreas, founded Pasok in 1974 and served three terms as prime minister. He was a dominant figure in Greek politics following the 1967-74 dictatorship.

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Online:

Papandreou statement: http://papandreou.gr/3rd_jan_pame/