Fiscal Deficit Likely To Overshoot Government Forecast

Though the Polish government has decided to raise its fiscal deficit target by nearly 50%, we caution that the shortfall is still likely to overshoot official projections since the government's budget assumptions are unrealistic, in our view. What is more, we stress that the widening deficit is likely to further delay Poland's eventual euro adoption, which we expect to materialise in 2013 at the earliest.

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