Portugal’s Deficit Higher Than Expected

With three credit rating downgrades in the past week and now news that Portugal’s deficit last year was much higher than expected, speculation has intensified that Portugal will be forced to turn to the European Union for help in meeting its upcoming debt obligations. According to the National Statistics Institute, Portugal’s budget deficit actually totaled 8.6 percent and was considerably more than the government’s target of 7.3 percent.

Source: The Associated Press

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