Portugal Receives Warning from European Union

In a move eerily reminiscent of the controversy surrounding Greece, the European Union has issued a warning to Portugal that it must do more to reduce its spending and bring its deficit in line with the EU requirement of 3 percent of total GDP.

“The Portuguese stability program is ambitious and quite concrete for the years 2011 to 2013, but additional measures were discussed today and may be needed especially this year,” European Commissioner for Economic and Monetary affairs Olli Rehn told reporters in Brussels.

Source: AFP News

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