FX & CFD trading involves significant risk
- See growth downturn lasting until year end
- Europe exports to benefit from stronger global growth
- Underlying domestic price pressures subdued
- Greece recovery seen in 2014
- See Portugal recession ending mid-2013
- Fiscal consolidation, reforms essential
- Need to boost public, private investment
- Lower pace of consolidation in Italy a 'concern'
- We focus on structural deficits not headline numbers
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