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12 Aug 2013
Portuguese minister assures Portugal fully committed to budget goals
FXstreet.com (Barcelona) - The Minister of Regional Development in Portugal Poiares Maduro said today that the country had agreed to carry out spending cuts worth 4.7 billion euros, as required by the Troika in exchange for bailout funds. According to previous reports the country´s government was considering reducing the spending cuts to 2 billion euros.
"Portugal remains fully committed to its obligations under the assistance program as agreed under the last regular review (of the economy) by the Troika," Poiares Maduro told Reuters on Monday adding that “the 2014 budget is being prepared according to those commitments and the values agreed.”
Two Portuguese ministers stepped down in July, expressing their disagreement towards the amount of budget cuts required by the international lenders and triggering a political turmoil in the country. Currently Portugal is required to reduce its budget deficit to 4% of GDP in 2014 from 5.5% of GDP this year.
The Troika inspectors are due to arrive in Lisbon for another review of the Portuguese bailout program at the end of August. The country´s government will present the budget for 2014 before parliament on October 15.
"Portugal remains fully committed to its obligations under the assistance program as agreed under the last regular review (of the economy) by the Troika," Poiares Maduro told Reuters on Monday adding that “the 2014 budget is being prepared according to those commitments and the values agreed.”
Two Portuguese ministers stepped down in July, expressing their disagreement towards the amount of budget cuts required by the international lenders and triggering a political turmoil in the country. Currently Portugal is required to reduce its budget deficit to 4% of GDP in 2014 from 5.5% of GDP this year.
The Troika inspectors are due to arrive in Lisbon for another review of the Portuguese bailout program at the end of August. The country´s government will present the budget for 2014 before parliament on October 15.