Had social expenditure reverted to 2005 level – as GDP had – the Greek government would have met targets

Two-and-a-half years into the streamlining program, Greece still relies on consumption, not on investment.

As Grexit fears ease further, prolonged recession and austerity may have political implications.

Only a huge overcapitalization of the local credit sector can persuade investors to put money into it.

Performance suggests 2012 deficit target will be attained for the first time since 2010.

The new gov’t will need to employ the structural versus cyclical concept of the budget balance.

Results are increasing political uncertainty and putting at risk Greece’s position in the euro.