After he won a vote of confidence on a three-month mandate to adopt the budget measures and approve the second bailout granted for Greece by the EU and IMF with a majority of 255 out of the 300-member chamber, the Greek Prime Minister Lucas Papademos, a former ECB vice President, is directing his attention to the 2012 spending plan where will present it today to his cabinet then it will be under discussion by Parliament probably this week.

Papademos said yesterday in the Parliament the policy of fiscal consolidation is necessary after the mistakes of the past several years to create the foundations for a new type of sustainable development.

The government formed on November 11 has a difficult mission to cut the country's huge budget deficit which reached 20.1 billion euros in the first 10 months of the current year compared with 18.1 billon euros a year before.