Arab Today, arab today portugal cuts public deficit sharply
Last Updated : GMT 16:12:47
Arab Today, arab today
Arab Today, arab today

Portugal cuts public deficit sharply

Arab Today, arab today

Arab Today, arab today Portugal cuts public deficit sharply

LISBON - AFP

Debt-stricken Portugal, negotiating a massive bailout with the EU and IMF, said Friday it had made progress in reducing its public deficit, a key measure of the country\'s financial health. The government said the first quarter deficit - the balance between spending and revenues - tumbled 60 percent from a year earlier to 1.02 billion euros ($1.45 billion). It said it cut spending by 3.7 percent in the three months to March while revenues jumped 15 percent, as it tightened up the public finances in what proved to be a failed effort to avoid having to call in the European Union and International Monetary Fund. Parliament rejected the government\'s latest austerity measures last month, forcing the government\'s resignation and early polls on June 5. As the political crisis racked up the pressure on the money markets, Portugal faced the prospect of paying unsustainable rates of interest to raise fresh funds to cover debt or to seek outside help, which it did last week. Officials from the EU, IMF and European Central Bank began work in Lisbon Tuesday on working out the details of an expected 80-billion-euro ($116 billion) bailout package which is seen locally as a painful humiliation. After these technical talks, the package goes for the political discussions with the aim of securing a full agreement by mid-May. The EU and the IMF have have warned that Lisbon will have to implement more public spending cuts, tax rises and far-reaching privatisation reforms in return for help. The major political parties have said they accepted the need to ask for a bailout but the pressure of campaigning for polls could make the negotiations fraught with political calculations. For 2011, the public deficit was supposed to be reduced to 4.6 percent of Gross Domestic Product but in 2010, it blew out to 8.6 percent, way over the 7.3 percent target. In 2012, Portugal is supposed to reach 3.0 percent, the EU limit. Portugal has to repay some 5.0 billion euros ($7.2 billion) in debt by June 15 and most analysts believe it must have the EU-IMF rescue loans agreed by then if it is to make the payment and so avoid default.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal cuts public deficit sharply Arab Today, arab today portugal cuts public deficit sharply

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:04 2017 Wednesday ,22 February

Hammond closes in on budget goal

GMT 05:34 2017 Wednesday ,22 February

Euro zone economy outlook shines

GMT 04:10 2017 Wednesday ,22 February

US stocks finish at another all-time high

GMT 02:31 2017 Wednesday ,22 February

Arms deals worth over AED6.9 bn sealed on day two of IDEX

GMT 02:21 2017 Wednesday ,22 February

Putin urges Russian nuclear weapons boost

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 20:39 2017 Tuesday ,21 February

China allocates $117 billion to expand railway network
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday