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Visible improvement in investor sentiment towards Greece and progress towards correcting macroeconomic imbalances

Greece Focus Notes

16 January 2013
Significant progress has been made in recent months in correcting past programme implementation slippages and ensuring fulfillment of the fiscal and structural reforms targets agreed with official lenders. Adjustment in twin deficits is gaining momentum, with the FY-2012 general government primary deficit now seen shrinking below 1%-of-GDP and the current account shortfall being en route to sub-3%-of-GDP levels. Notably, the anticipated fulfillment/outperformance of the 2012 fiscal targets occurs despite the deeper-than-expected GDP contraction and in the absence of major deviations from the respective public investment program targets...
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