Lisbon granted extra year to slash deficit: minister

“The new deficit limits are 5.5 percent of GDP in 2013, 4 percent in 2014, and 2.5 percent in 2015,” Gaspar told a press conference as he presented a quarterly review of reforms agreed to in exchange for aid from the European Union and the International Monetary Fund.

The targets had already been eased in September to 4.5 percent for this year, 2.5 percent in 2014 and 2 percent in 2015.

Eurozone countries are obliged to run public deficits of no more than 3 percent of output, and are supposed to work toward a balanced budget, and even a surplus in times of economic growth.

SHARE CLOSE
Blogger		Google+
Live Journal		Plurk
Stumble Upon

Tweet

	PREVIOUS ARTICLE
	Number of dead swine in Shanghai river now 8,354

NEXT ARTICLE
Draghi lectures eurozone leaders over labor costs

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

 Receive China Post promos
 Respond to this email

Submit