The European Union may consider giving Portugal more time to meet its deficit targets if economic conditions worsen, Jeroen Dijsselbloem, head of the group of euro-area finance ministers, said.
“If, on the basis of the effort of complying to the programs and reaching structural targets, more time is necessary because of the economic setback, then more time might be considered at that time,” Dijsselbloem said in Lisbon today.
“Now it’s time to continue with the program and meet the structural targets agreed.
”The Portuguese government announced less ambitious targets on March 15 for narrowing its deficit as it predicted the economy will shrink twice as much as previously estimated this year.
It projects a budget shortfall equivalent to 5.5 percent of gross domestic product in 2013 and 4 percent in 2014, while forecasting economic contraction of 2.3 percent and growth of 0.6 percent, respectively.
Dijsselbloem said the government hasn’t yet requested another change of timetables and targets.
“The Portuguese government is fully committed to work on that basis with the European partners and the European partners are fully committed to support Portugal where and when necessary,” he said.
bloomberg.com
“If, on the basis of the effort of complying to the programs and reaching structural targets, more time is necessary because of the economic setback, then more time might be considered at that time,” Dijsselbloem said in Lisbon today.
“Now it’s time to continue with the program and meet the structural targets agreed.
”The Portuguese government announced less ambitious targets on March 15 for narrowing its deficit as it predicted the economy will shrink twice as much as previously estimated this year.
It projects a budget shortfall equivalent to 5.5 percent of gross domestic product in 2013 and 4 percent in 2014, while forecasting economic contraction of 2.3 percent and growth of 0.6 percent, respectively.
Dijsselbloem said the government hasn’t yet requested another change of timetables and targets.
“The Portuguese government is fully committed to work on that basis with the European partners and the European partners are fully committed to support Portugal where and when necessary,” he said.
bloomberg.com
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