Recently, the free boundary problem of quasistationary Stokes flow of a mass of viscous liquid under the action of surface tension forces has been considered by R. W. Hopper, L. K. Antanovskii, and others. The solution of the Stokes equations is represented by analytic functions, and a time dependent conformal mapping onto the flow domain is applied for the transformation of the problem to the unit disk. Two coupled Hilbert problems have to be solved there, which leads to a Fredholm boundary integral equation. The solution of this equation determines the time evolution of the conformal mapping. The question of the existence of a solution to this evolution problem for arbitrary (smooth) initial data has not yet been answered completely. In this paper, local existence in time is proved using a theorem of Ovsiannikov on Cauchy problems in an appropriate scale of Banach spaces. The necessary estimates are obtained in a way that is oriented at the a priori estimates for the solution given by Antanovskii. In the case of small deviations from the stationary solution represented by a circle, these a priori estimates, together with the local results, are used to prove even global existence of the solution in time.