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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