| Author (Person) | Wise, Peter |
|---|---|
| Series Title | Financial Times |
| Series Details | 5.10.11 |
| Publication Date | 05/10/2011 |
| Content Type | News |
|
Spending overruns and the discovery of €1.1bn in hidden debt run up by the holiday island of Madeira have made it hard for Portugal to meet its fiscal targets agreed with international lenders. Lisbon will find it difficult to meet its budget deficit goal in 2011 after worse-than-expected results in the second quarter of the year, when the budget shortfall widened sharply on the previous three months. Portugal will fail to meet fiscal targets agreed with the European Union and International Monetary Fund as part of a €78bn bail-out package unless it takes 'significant additional measures', the Bank of Portugal, the country’s central bank warned in October 2011. In the Autumn 2011 edition of its Economic Bulletin issued on the 6 October 2011 the Bank of Portugal said the extra measures were required to meet budget deficit targets in 2011 and 2012 as the country’s economic recession grew deeper than forecast. |
|
| Related Links |
|
| Countries / Regions | Portugal |
