There was some good news last month for public finances in the euro-zone’s periphery as Moody’s upgraded Ireland’s sovereign debt and the EC decided to be lenient with Portugal and Spain after both missed their 2015 deficit targets, and Italy, by granting it more leeway for 2016. However, all three look unlikely to meet the EC’s requirements again this year. And while Greece has managed to run a large primary surplus so far in 2016, it remains in need of substantial debt relief.
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