After slipping from 8.8% to 11.1% of GDP in 2021, MoF targets consolidation to 8.8% of GDP in 2022 and 4.8% by 2025
Budget is built on unrealistic assumptions with lack of concrete revenue and spending measures, so slippage is likely
Budget will fail to resolve economic and debt crisis, with default increasingly inevitable; retain Sell on eurobonds
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