Boston, MA -- (ReleaseWire) -- 07/09/2013 -- Core Views
The economic depression will linger on in 2013 as deep fiscal retrenchment and internal devaluation take a damaging toll.
The prospect of further spending cuts and tax hikes will ensure that demonstrations and national strikes remain a key feature of the political landscape over the medium term.
The current account deficit has collapsed faster than we had expected, raising the prospect of a return to surplus over the medium term.
This is symbolic of Greece's transition towards a more balanced and sustainable economic growth model.
Major Forecast Changes
There are no major forecast changes this quarter.
Key Risks To Outlook
Upside Risks To Deficit Forecasts: The severity of the fiscal consolidation programme and the public backlash mean that the scope for slippage will remain pronounced.
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