A Silver Lining? Why Recent Reforms in Greece Warrant Cautious Optimism

2012 was a very difficult year for Greece. In spite of a new government and a renewed reform effort, the economy still appears to be shrinking. Recently, however, first signs of a silver lining are appearing on the horizon. The economic sentiment has improved and, upon closer analysis, the total reform record over the past years is considerable. Although the Greek economy still has several obstacles to overcome, the glass actually appears half full rather than half empty.