Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French education: Reinventing the idea of school

Read more

FRENCH CONNECTIONS

Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

Read more

Europe

Portugal and Spain commit to accelerating deficit cuts

Text by News Wires

Latest update : 2010-05-10

Portugal and Spain committed Monday to increasing deficit reduction measures aimed at stemming the debt crisis, EU leaders have reported. The statement came shortly after agreement was reached on a 750 billion euro bailout plan.

AFP - The Portuguese government said Monday it wanted to make a deeper than planned dent in its public deficit next year, reducing the shortfall to 5.1 percent of output rather than 6.6 percent.
  
"In 2011 we are going to continue our efforts to reduce the deficit by 1.5 points more than what had been planned," Finance Minister Fernando Teixeira dos Santos told Portuguese journalists in Brussels where he was attending a eurozone finance ministers' meeting.
  
Prime Minister Jose Socrates on Friday said the public deficit target for this year had been lowered to 7.3 percent of gross domestic product from 8.3 percent.
  
To reach that goal, the government has decided to postpone certain investment projects, such as a new airport in Lisbon or a third bridge across the Tagus River.
  
The deficit last year rose to 9.4 percent, prompting fears in the eurozone that Portugal -- like Greece -- could have trouble raising money on the bond market.
  
The country's public debt burden came to 76.6 percent of output in 2009 and is expected to hit 86 percent in 2010.
  
The government has not ruled out a tax hike in order to meet its fiscal targets.
  
Despite its deficit and debt, analysts contend that Portugal will remain solvent.
 

Date created : 2010-05-10

COMMENT(S)