×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: EU | Portugal | Deficit

Portugal Cuts Budget Deficit to Lowest Level in 4 Decades

Portugal Cuts Budget Deficit to Lowest Level in 4 Decades

Wednesday, 15 February 2017 07:32 AM

LISBON, Portugal (AP) — Portugal's government has proved its critics wrong, slashing the debt-heavy country's budget deficit to its lowest level in more than 40 years despite warnings that its anti-austerity policies could spell financial disaster.

Finance Minister Mario Centeno said Wednesday the deficit last year was no higher than 2.1 percent — well within the 2.5 percent ceiling stipulated by European authorities.

Some other eurozone countries expressed alarm when the center-left Socialist government, with the support of the Communist Party and Left Bloc, took power in 2015 on an anti-austerity platform.

Portugal needed a 78-billion euro ($82 billion) bailout in 2011, after recording a deficit of more than 11 percent the previous year, and eurozone officials feared it could go into another debt spiral under the Socialists.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
Portugal's government has proved its critics wrong, slashing the debt-heavy country's budget deficit to its lowest level in more than 40 years despite warnings that its anti-austerity policies could spell financial disaster.Finance Minister Mario Centeno said Wednesday the...
EU,Portugal,Deficit
126
2017-32-15
Wednesday, 15 February 2017 07:32 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved