Mr Papandreou insisted that Greece would cut its deficit below the euro area's approved ceiling of 3% of GDP (a target that, even by its own dodgy numbers, the country has met just once since joining the euro in 2001) by 2013.

ECONOMIST: Greece's budget crisis

Mindful of its large public debt, Italy refrained from using fiscal policy as an active tool to stimulate the economy, and has managed to keep its budget deficit below the euro-area average (see left-hand chart).

ECONOMIST: Economics focus

While the Kurdish areas are safer than the rest of Iraq, roughly half the nation's postwar oil production deficit is traced to the very area where the wildcats are drilling.

FORBES: Magazine Article

He has made a decent fist of running Portugal over the past two years, including an honest effort to observe the budget-deficit ceilings set by the euro area's stability and growth pact.

ECONOMIST: European Commission

Barton, on as a substitute for the injured Claudio Reyna, struck with a fine effort from the edge of the area to reduce the deficit to a solitary goal again, but City were unable to pull level.

BBC: Danny Mills in action for Manchester City

Extend all of those and the annual deficit roughly doubles (see dark pink area in the second graph).

FORBES: Connect

The euro area's projected budget deficit will be a bit above 4% of GDP, better than America's 10% and Britain's 8.5%.

ECONOMIST: Eurobonds could restore confidence, but at a cost

Only serious long-term spending reduction in the entitlement area can begin to address the nation's deficit and debt problems.

WSJ: Lawrence B. Lindsey: The Deficit Is Worse Than We Think

There were no major economic announcements out of the euro area today with the exception of a trade balance reading that showed a deficit of 3 billion euro.

FORBES: Euro's Rocket Ride Fizzles Near $1.30

This would do wonders for the euro area itself, but it would do little to narrow America's trade deficit.

ECONOMIST: How to slay America's monster trade gap?

In economic data, the Commerce Department said Friday that the U.S. trade deficit widened for the first time in five months in November, as exports to the euro area slumped.

WSJ: U.S. Stocks Slump

Bruce's men bombarded the Sunderland penalty area with crosses and, following Murphy's wonder-strike, they would have reduced the deficit, only for Gordon to save fantastically after Emmerson Boyce headed Koumas' corner towards goal.

BBC: SPORT | Football | Premier League | Sunderland 2-0 Wigan