FOCUS GREECE - December 9th EU Summit: implications for Greece and the euro area (December 13, 2011)
FOCUS GREECE - December 9th EU Summit: implications for Greece and the euro area (December 13, 2011)
Greece Focus Notes
13 Δεκεμβρίου 2011
Part I – December 9th EU Summit: implications for Greece and the euro area Part II – Latest domestic fiscal and macro developments • Real GDP contracts by 5.0%in Q3-2011 • January-November central government deficit undershoots revised 11 –month target • What’s behind the poor performance of State budget revenue in recent months? • Recent trends in central government spending and public investment expenditure • Overshooting risks to the full-year general government deficit target for 2011 • Fiscal multipliers and the efficiency of the applied austerity program • The recession has affected the real estate market and the construction sector harder than the rest of the economy.