Papademos Readies Greek Budget, Debt Swap After Vote Win

Greek Prime Minister Lucas Papademos turned his attention to finalizing next year’s budget and a voluntary debt swap, two conditions the country must meet to resume receiving international loans and avert a collapse of the economy, a day after winning a confidence motion.

Finance Minister Evangelos Venizelos will present the 2012 spending plan to the Cabinet tomorrow before it’s submitted to parliament later in the day. The interim government, backed by three of the five Greek parliamentary parties, also started talks with bondholders on a voluntary debt swap that is part of the country’s second bailout agreement.