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Sale of airport helps Portugal reduce swollen public deficit to five percent

AFP
January 26, 2013, 12:02 am TWN

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LISBON -- Portugal cut its swollen public deficit to 5 percent of output last year, honoring a pledge to international creditors with funds raised though the sale of a major airport stake to the French group Vinci, budget officials said on Thursday.

Lisbon has accorded management rights to the airport operator ANA to Vinci for 50 years, a deal announced in late December that covers roughly a dozen Portuguese airports.

As part of the agreement, Portugal sold 95 percent of ANA's capital to Vinci for 3.08 billion euros (US$4.1 billion), with 800 million euros of the total turned over last year, more than the initially expected sum of 600 million, a finance ministry document showed.

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