Greek Prime Minister George Papandreou has narrowly won a vote of confidence in the midst of Greece’s debt turmoil.

Papandreou came out on top after Greek parliament voted 153-to-145 on Friday. The prime minister’s victory has confirmed solidarity within Greece’s ruling Socialist Party, and Greek parliament will now likely approve a European Union bailout package for the debt-ridden nation.

Minutes before the confidence vote, Papandreou said in a speech before parliament that he is ready to form a new government to approve the bailout package.

He also said he is ready to resign if deemed necessary and made clear his opposition to Greece swiftly conducting a general election. He said such elections at the present time would be “catastrophic.”