Arab Today, arab today portugal sharply revises up 2014 public deficit
Last Updated : GMT 23:12:04
Arab Today, arab today
Arab Today, arab today

Portugal sharply revises up 2014 public deficit

Arab Today, arab today

Arab Today, arab today Portugal sharply revises up 2014 public deficit

Victims of toxic investments made by former Banco Espirito Santo
Lisbon - AFP

Portugal's statistics agency on Wednesday dramatically revised up the eurozone nation's public deficit for 2014, mostly due to a major bank rescue.

The INE agency revised up the deficit from 4.5 percent to 7.2 percent of economic output, way above the EU's three-percent limit.

The revision mainly reflects the a 4.9-billion-euro ($5.4 billion) cash injection to rescue the Novo Banco bank, the INE said.

Portugal was forced to book the cash injection after it put off earlier this month the sale of Novo Banco, unhappy with the three offers it received.

Finance Minister Maria Luis Albuquerque said the impact "is purely statistical" and won't "have any consequences for taxpayers" or for Portugal's "fiscal targets for the coming years".

Despite completing last year its three-year 78-billion-euro international bailout, with austerity measures finally leading to modest growth, Portugal has had difficulties balancing its public finances.

Nevertheless the INE forecasts that Portugal will be able to meet the EU's target next year with a deficit of 2.7 percent of economic output.

Novo Banco was created last year from the ashes of BES, once one of Portugal's largest lenders, but which collapsed after reporting a record loss last year and its three holding companies declared themselves insolvent amid accounting fraud allegations.

BES threatened to drag down Portugal's economy, which had only gingerly emerged from a three-year bailout, prompting the government and the European Union to swiftly come to the rescue.

The good assets of the ailing bank were transferred into Novo Banco, but plans to quickly sell the bank were undermined by new banks stress tests to be conducted by the European Central Bank, which could require more money be invested to prop up the lender.

arabstoday
arabstoday

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 sharply revises up 2014 public deficit Arab Today, arab today portugal sharply revises up 2014 public deficit

 



Arab Today, arab today

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 sharply revises up 2014 public deficit Arab Today, arab today portugal sharply revises up 2014 public deficit

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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