The economic outlook is mainly characterized by sluggish growth and a weak fiscal stance, which have put public debt on an unsustainable path. The widening current account deficit would put strong pressures on international reserves, which could decline to very low levels. Low capital buffers would remain a drag on the financial system. Main risks continue to be a court decision that leads to larger than expected liabilities to the former owners of the nationalized companies and weaknesses in the systemic bank.