Greece is back. After only two years from a major restructuring of its debt and after several commentators (but not us!) predicted the end of Greece (and of the euro), the Greek economy is rebounding and the government is even planning to issue bonds again.
Signs of a sounder rebound in activity. The economy troughed in early 2013, broadly stabilized for most of last year, and is showing tentative signs of growth in 2014.
Fiscal developments continue to move in the right direction. Meanwhile, thanks to external support and an aggressive fiscal adjustment, Greece reached a primary surplus last year, even exceeding slightly previous expectations. More importantly, Greece has now run an extremely high structural primary surplus.
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CS - Greece Rebirth.pdf
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