Snapshot
On 2 December, the government reached an agreement with the country’s four largest banks to transfer EUR 5.6 billion of their pension funds to the State, in order to meet the deficit targets set under the IMF-EU bailout package. Subsequently, on 19 December, the IMF approved the disbursement of EUR 2.9 billion from the rescue package. Meanwhile, the economy fell a revised 0.6% in the third quarter, down from the flash estimate of a 0.4% drop. Going forward, economic activity is expected to remain depressed as forward-looking indicators nosedived in November.
