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Portugal exits EU's budget deficit watchlist

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Portugal exits EU's budget deficit watchlist

Post Viriato on Sun 18 Jun - 19:52

Portugal is no longer in breach of the EU’s budget rules, officials say, which cap a country’s deficit at three percent of gdp.

A budget deficit is when annual government spending exceeds the money coming in.

The news comes six years after an international bailout.

“This notion of having a more inclusive policy, and not just a short term vision that only sees cuts, is absolutely essential for the development of the Portuguese economy in the next decade,” said Mário Centeno, Portuguese Finance Minister.

Portugal’s budget deficit stands now at at two percent of GDP – an historic low for the country since it adopted the single currency.

Only four countries are part of the excessive deficit procedure “black list”, reports euronews’ Isabel Marques da Silva. They are France, Spain, Greece and United Kingdom.

Our correspondent says that the European Commission will focus its attention now on Portugal’s public debt which is 130% of the GDP, more than double of the limit established by EU rules.

in: http://www.euronews.com/2017/05/22/portugal-exits-eu-s-budget-deficit-watchlist
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Re: Portugal exits EU's budget deficit watchlist

Post Neon Knight on Sun 18 Jun - 20:14

Do you think it is best for Portugal to keep the Euro currency?

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Re: Portugal exits EU's budget deficit watchlist

Post Viriato on Sun 18 Jun - 20:52

Absolutely. Perhaps we shouldn't have joined the Euro club but now that we're in, leaving the currency would be catastrophic for us. Like the article states, our public debt is still 130% of the GDP. We have to fix that issue first. Leaving the Euro right now and turning back to our old currency (Escudo) which is worth way less than the Euro would lead to inflation. Now imagine paying our debt (which is valued in euros) with the extremely devalued Escudo...our economy would just colapse.

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