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The recovery of the Greek economy, once again, at the mercy of political and economic uncertainty

​ Greece has achieved substantial progress to restore fiscal and external balances, but too little has been accomplished in the area of reforms, so far, to improve global competitiveness, and counterbalance the effects of the austerity‐driven recession. Notwithstanding signs of a clear, but delicate, turnaround and the receding extreme downside risks, the macro and financial situation still remains fragile and challenging. It's not the first time that GDP is picking up, and that market conditions are improving. However, austerity, and, primarily, economic and political uncertainty are still weighing on a rather traumatized economic fabric, as the latest developments clearly show. Moreover, the probability of a return to the capital markets seems limited, as a result of, on the one hand, the fragile economic environment and the inability to restore credit solvency, and, high political risk, on the other.