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Former Greek Prime Minister George Papandreou has announced the formation of a new party about three weeks before a snap national election on January 25.

Papandreou, the son and grandson of prime ministers, unveiled the Movement of Democrat Socialists on Saturday in front of thousands of supporters.

He presented himself as a determined reformist against the old "corrupt" system that brought the protracted financial crisis to Greece.

Papandreou led the PASOK party, founded by his father in 1974, from 2004 to 2012 and as prime minister from 2009 to 2011, he bore the brunt of the crisis and the onus of signing a bailout deal, which, although it prevented Greece from defaulting, is detested by many because the economy shrank by over a quarter and unemployment soared to record levels.

Left-wing ahead

The Greek left-wing leader ahead in polls before upcoming elections said on Saturday his party's victory would start "necessary change" in Europe and stressed he would end austerity policies.

Alexis Tsipras, head of the Syriza party, said in a speech in Athens that "necessary change in Europe begins here, in Greece".

He named Spain, where the leftist Podemos party has led in polls ahead of elections later this year, and Ireland as countries that could follow.

Tsipras, whose party has led by between three and six points in the polls, said he wants to make Greece a "positive example of progressivism in Europe."

"With vigorous negotiations, we guarantee our country's truly equitable participation in the eurozone," he said. "We must finish with austerity."

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Former Greek PM unveils new party