Greek Finance Minister Evangelos Venizelos was elected as the new leader of the socialist PASOK party on Sunday in internal elections, ahead of the early general polls due later this spring.

According to early information from the party's headquarters in Athens, more than 200,000 party members participated in the procedure across Greece.

With about 25 percent of votes counted, Venizelos who was running unopposed, wins about 96 percent of the votes, local television channels broadcast.

"Greek citizens reiterated today that they want a strong progressive leadership to manage the crisis. .. Today I assume the responsibility to lead a joint effort aiming at the country's rebirth," Venizelos told the press after the ballots closed, referring to the debt crisis that has hit Greece since late 2009, threatening the country with a disorderly default.

In 2007, when former prime minister and outgoing PASOK party president George Papandreou was elected to the party's top post, defeating Venizelos, some 800,000 party members had voted. But the harsh austerity drive has taken a toll on the party's popularity.

Casting his vote on Sunday, Papandreou expressed confidence that PASOK will remain a pillar of stability in a country changing for the better.

According to Greek media reports, Venizelos is expected to resign from the post of minister on Monday to focus on the party's campaign for the general elections. Interim Prime Minister Lucas Papademos is expected to take over the key portfolio.

Political analysts commented that Venizelos won the leadership contest, capitalizing on the latest positive developments regarding the Greek debt crisis this March.

The completion of a plan to erase a third of the over 360-billion-euro Greek state debt burden held by private creditors, opened the way for the release of a second 130-billion-euro bailout deal to Greece by international lenders which is expected to be ratified by the Greek parliament by April.

Without new financing by the European Union and the International Monetary Fund that support the debt-ridden country since 2010 in return of painful austerity and reform policies, Greece would not be able to repay a 14.5-billion-euro bond repayment on March 20 and would financially collapse, sending shockwaves across the eurozone.

But the harsh cuts on wages and pensions, a wave of tax increases, high unemployment rates and heavy recession have caused pain and disappointment to many Greeks who turn their backs to parties they regard as partly responsible for the crisis.

PASOK had won the general elections in October 2009, shortly before the start of the debt crisis, with some 44 percent of votes. In the latest string of opinion polls, the party secures 11-18 percent of votes.

Conservative New Democracy party that ruled before 2009 and supports the interim coalition government of Papademos since November, when Papandreou stepped down, leads with some 23 percent, failing to win parliamentary majority.

In the meantime, leftist and right parties that reject the austerity measures, arguing that there are alternative ways to resolve the crisis, have seen their numbers increasing. (1 euro = 1.32 U.S. dollars)