Portugal

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. Continue reading