FOCUS GREECE -Latest macro & market developments (December 23, 2011) | Eurobank
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FOCUS GREECE -Latest macro & market developments (December 23, 2011)

• Budget execution data for year-to-November 2011 undershoot the 11-month target for 2011
• Net revenues for year-to-November 2011 were at €43.86bn, a decline of -3.0%YoY, lower by €0.19bn or -0.4% from the respective 2012 Budget revenue target for year-to-November 2011.
• The government needs to generate revenue of ca €7.48bn in December 2011 –and to collect them in the first two months of 2012- so as to achieve the -9.0%-of-GDP deficit target; additional measures cannot be ruled out
• Ordinary budget outlays for the year-to-November 2011 totaled ca €62.71bn, a 6.2% YoY increase as a result of the ongoing recession, public administration inefficiencies and mounting interest expenditure.