Greece's former prime minister George Papandreou told his PASOK socialist party on Wednesday that he will step down as party leader and not seek re-election, a socialist deputy told Reuters.

He told us that he will resign as PASOK leader and that he will not run for prime minister again, said the deputy who attended a party meeting on the leadership succession.

Papandreou stepped down as prime minister in November last year to make way for a coalition government to help Greece exit its biggest financial crisis in decades.

(Reporting by Renee Maltezou; Editing by Matthew Jones)