A comparatively advanced economy with a highly skilled labor force within the 'BBB' category and what we see as relatively well diversified economic and export structures. Sustained structural fiscal consolidation efforts up to 2009, which significantly reduced budget deficits. A government with a strong majority in parliament and an election-free window of opportunity within which to implement structural macroeconomic reforms Public finances remain under strain and debt levels high, in our view, while the government's fiscal consolidation program is so far mainly focusing on temporary and ad hoc measures. The government has indicated a desire to reverse previous structural improvements in public finances, such as parts of the previous pension reform. High external leverage and external financing needs, despite a
