Greek Finance Minister Evangelos Venizelos on Thursday called on the socialists to mobilize ahead of a party leadership contest this weekend, with early general elections looming after the approval of a fresh international bailout deal to save Greece from bankruptcy.

"Upcoming Sunday's PASOK party elections should be turned into a feast for democracy," Venizelos told reporters at the headquarters of the party, calling for unity to address challenges ahead.

As the sole candidate for the succession of former Prime Minister George Papandreou to the top post of the party, he is due to be formally appointed this weekend and then resign as minister to lead socialists to the snap general polls expected in late April or early May.

Technocrat interim Prime Minister Lucas Papademos is expected to take over the portfolio, according to local media reports.

With the second rescue loans package by European Union and International Monetary Fund secured, the road to early elections opens.

The completion of the second bailout deal in two years was the main task of the transitional coalition administration that took office last November.

The Greek cabinet approved the agreement and tabled the relevant draft law to the parliament on early Thursday for ratification due later this month, while international lenders in parallel gave the final green light to the release of the 130-billion euro funds.

During Thursday's press briefing, Venizelos stressed that despite the outcome of the general elections, the next administration should stick to the implementation of the austerity and reform program pledged in return for the international support since 2010.

In addition, he expressed optimism that despite current difficulties and contradicting international forecasts, Greece can return to growth in 2013, after five consecutive years in deep recession.

The heavy burden of recession on the average Greek household has had a major impact on the popularity of PASOK, as well as the conservative New Democracy party that also backs the interim government over the past five months.

In the general elections of October 2009, the Greek socialists won some 44 percent of votes. In the latest opinion poll published in the Greek daily "To Pontiki" (The Mouse) on Thursday, PASOK secures only 15 percent of votes.

New Democracy (ND) leads by 23 percent in the survey conducted by pollster "Pulse", which is far less than the threshold needed to secure a parliamentary majority for an one-party new government.

According to local analysts, a new coalition administration of ND and PASOK could be formed. (1 euro=1.31 U.S. dollars)