Press Release: Commission assesses Portuguese action to correct excessive deficit by 2008

The European Commission on 21 June 2006 said that it considered that Portugal was on track to correct its excessive deficit by 2008 as recommended by the Council in September 2005, provided it strictly implemented the 2006 budget and pursued a rigorous budgetary consolidation strategy in 2007 and following years. At the time of writing it did not appear necessary to recommend any further steps under the excessive deficit procedure. The Commission intended to continue to monitor the situation closely, particularly in light of the significant risks and uncertainties surrounding the evolution of the budget.

European Commission: DG Economic and Financial Affairs: About: Activities: Fiscal surveillance: Ongoing procedures under article 104 of the Treaty (Excessive Deficit Procedure): Portugal http://ec.europa.eu/economy_finance/about/activities/sgp/edp/edppt_en.htm

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