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Greece Focus Notes

23 May 2011
• Possibility of future adjustments in Greece’s fiscal programme discussed at the May 16th-17th Eurogroup/Ecofin meetings; final agreement still pending
• ECB strongly opposes option of voluntary “reprofiling” of Greek debt• Greece’s latest 13-week T-bill auction was well received• Greek real GDP up by 0.8% QoQ in Q1:2011, halting a nine-month string of negative growth
• Year-to-April underperformance of budget revenue target remains a source of concern
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