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• A new government under the leadership of Victor Ponta emerged from the successful no-confidence motion in parliament on April 27th
• The precautionary IMF-EU agreement remains on track: all but one quantitative criteria were met in the fourth programme review • Upon negotiations with IMF, the fiscal target of 2012 has been upwardly revised to 2.2% of GDP in order for public wages to be restored to 2010 levels
• The economy slipped into technical recession in Q1-2012, contracting by 0.1% qoq