Video: 'Further recession for the euro area in 2013,' says Goldman Sachs' Chief European Economist Mr Pill believes that areas of adjustment behind the weak growth in the eurozone mean things will improve as 2013 continues. He told the Telegraph: "We are likely to see further fiscal consolidation by the public sector and further deleveraging in the private sector. And both of those things will weigh on spending, will weigh on demand and result in low growth. But, he added, there is a "silver lining" in sight: "Because we're correcting balance sheets and imbalances, we are strengthening the underlying economy and once we look beyond 2013, or even into the second half of 2013, we do think we will see a return to positive growth in the euro area." Although the recovery will take a long time and will happen more quickly for some countries than for others, Mr Pill does not believe that Greece will leave the single currency: "The basic reason why we think Greece will remain within the euro area is because the rest of the euro area is not yet resilient enough to face the consequences of Greece leaving in a disorderly way."