CBNNews.com - JERUSALEM, Israel - Israeli President Shimon Peres began receiving delegations Wednesday from the various political parties to hear their recommendation of who should form a new government.

Before making his decision, the president meets with each party chairman to hear who he or she thinks has the best chance of forming a stable government.

"This is a significant day," Peres said Wednesday morning. "I am aware of the awesome responsibility I shoulder," he said.

"They have told me to adhere to the election's results and with the law, and I can make my decision only after I hear what the parties have to say," the president said.

On Wednesday evening, Peres will hold separate meetings with Livni and Netanyahu.

On Thursday morning, he will meet with Yisrael Beitenu, led by Avigdor Lieberman, Shas, Labor National Union, National Torah Judaism, and Balad, Hadash and United Arab List-Ta'al.

On Friday, the president will conclude the consultations with Meretz and Habayit HaYehudi.

Peres will either announce his decision by noon on Friday or at the first of next week.

Sources: YNet news, The Jerusalem Post