Boston, MA -- (SBWIRE) -- 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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