Latest on the euro area sovereign debt crisis: State budget execution in Jan-Dec 2011 (January 15, 2012)
Latest on the euro area sovereign debt crisis: State budget execution in Jan-Dec 2011 (January 15, 2012)
Greece Focus Notes
16 Ιανουαρίου 2012
Part I – Latest on the euro area debt crisis and what to expect in the weeks ahead • Merkel, Sarkozy urge for rapid progress on “fiscal compact”, Greece‘s second rescue package Part II – Focus Greece: latest macro and fiscal developments • State budget execution in FY-2011: central government deficit slightly undershoots upwardly-revised target on the back of sizeable reduction in public investment expenditure; weak revenue growth remains a concern • General Government arrears reached €6.67bn or ca 3.0% of GDP in November 2011, signaling overshooting risk to the full-year deficit target