Brussels, 12/09/2012 (Agence Europe) - Faced with a worse-than-expected deficit, Portugal was granted extra time by its international lenders on Tuesday 11 September 2012 and has now postponed the target of reducing its deficit to below 3% of GDP until 2014. The new budget correction timeline is 5% in 2012 (rather than 4.5%), 4.5% in 2013 (rather than 3%) and 2.5% in 2014.
This decision is the first of its type for a eurozone country subject to a structural adjustment programme, and has...