Wide Deficit To Remain

The Slovenian general government posted EUR0.77bn deficit over the first three months of the year, a 29.6% y-o-y expansion over the shortfall in January-March 2009. The data reinforces our view that fiscal austerity will be backdated, with deep expenditure cuts unlikely until 2011/2012. We hold to our forecast for the fiscal deficit to come in at 5.5% of GDP in 2010, roughly on par with the 5.6% shortfall in

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