The European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB), the “troika” of lenders Portugal, decided to give time the Lisbon government to carry out reforms.
Portugal got its creditors an additional year to reduce its public deficit, it will return to below 3% of GDP in 2015, announced Friday Vitor Gaspar, the Portuguese Minister of Finance. “The new boundaries of the deficit from of GDP in 2013, 4% in 2014 and in 2015,” he said at a press conference to present the findings of the seventh quarterly review reforms to be implemented in exchange for aid from the European Union and International Monetary Fund.
Already eased in September, these goals were far from of GDP this year, in 2014 and 2% in 2015. In 2012, Portugal’s public deficit stood at of GDP, Mr. Gaspar said, pointing out that the European statistical office Eurostat refused to take into account the revenue from the concession of airports Portuguese.
From the perspective of the European authorities, “the government deficit will rise to ” in 2012, the minister said, after announcing that his country had received a clean bill of its new donors . “The evaluation was positive. With the eighth installment of the $ 2 billion, we have received almost 90% of the funding for the program” a total of 78 billion euros and “will be held as scheduled in June 2014,” he said.
The new relief budget targets due to the deterioration of the economic situation, which this year will result in Portugal a decline in GDP of , said Mr. Gaspar, which relied so far on a contraction of 1%. “With the deepening recession, unemployment will continue to increase to on average this year,” and then to in 2014, said Minister of Finance.
The “troika” has agreed to pay a new aid tranche of € 2 billion at the end of the seventh review of the implementation of the rescue plan.