ortuguese default; a Greek euro exit; or a major external growth shock. Return to macro stability Key dates 5 July ECB press conference 9-10 July Eurogroup/ECOFIN-Meeting 24 July Eurozone purchasing manager indices (PMI), July estimates 36 UBS Bottoming in Eurozone leading indicators (PMI) in June? 6

ult; a Greek euro exit before the end of 2012; or a major external shock. Key dates TBD Troika report on Greece 8 Nov ECB press conference 12 Nov Eurogroup meeting 15 Nov Eurozone GDP 3Q: first estimate 22 Nov Eurozone composite purchasing managers index 22-23 Nov European Council 2 UBS Purchasing ma