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
• 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
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