It is generally a good one - reforms are on the right track, budget consolidation seems to be moving strong and sovereign budget targets though tough are achievable and higher than expected growth is possible. Which, when you look at how tough and difficult is the program, is actually good news. And it provides an intermediate feedback to a medium term goal - this program will only produce real effects 3 years after being launched, so, expect some troubled times still ahead.
But there is also a very fair warning - unemployment levels are too high. Which means (opposite what many people are saying) that the job market needs to become more flexible. And that active policies for employment (and stimulate growth on the strategic areas of the economy) need to be put in place - the only problem is that we are still to identify those areas...
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