Capital controls will have a grave impact on the Greek economy but the agreement for a third bailout with Greece's creditors gives hope for the future, according to a three-monthly report released on Wednesday by the Parliament Budget Office. It also warned that the country was not out of the woods yet, with both Grexit and default remaining as real possibilities.

Stronger tools may be necessary than those foreseen in the 27 November 2012 "haircut" decision , was the message sent by alternate finance minister Hristos Staikouras.

Greece is facing the risk of a fiscal gap in the second half of 2014 and of an inability to service its public debt, meaning a funding gap, according to a Parliament's Budget Office report released on Wednesday.