GAO: State arrears to private sector drop in November

State arrears to the private sector dropped in November to 3.14 billion euros, from 3.46 billion in October, the General Accounting Office (GAO) said on Thursday.

In an announcement, the GAO said that the payment of outstanding tax returns was accelerated, resulting in a drop of the pending return total to 776.2 million euros, from 832 million in October.

Funds allocated from the budget to outstanding pension payouts amounted to 100 million euros, while pension payouts amounted to 87.9 million euros.