Brussels, 13/02/2007 (Agence Europe) - The European Commission considers that Portugal and Greece must make a considerable effort to further consolidate public finances. In its assessment presented on Tuesday 13 February on the stability programmes of these two member states, the Commission states: 1) Portugal: The update of its stability programme aims to bring public deficit to below 3% of GDP by 2008 at the latest, in line with the Council recommendation of 20 September 2005. Portugal is planning on a deficit of 3.7% of GDP in 2007, 2.6% in 2008, 1.5% in 2009d and 0.4% in 2010. The Commission is not fully reassured as it fears the Portuguese deficit will exceed the 3% of GDP mark until the end of the programme period. The debt ratio (676.4% of GDP in 2006) is also considered worrying. As a whole “the programme is broadly consistent with a correction of the excessive deficit by 2008, conditional on a full and effective implementation of the measures announced therein and on the reinforcement of such measures in case of lower-than-projected economic growth”; - 2) Greece: its programme aims to correct excessive deficit in 2006 (at 2.6%) in line with Ecofin Council requirements. The public deficit and the gross debt should decline to reach 1¼% and 91¼% of GDP in 2009 at the very latest. The Commission considers Greece is at high risk with significant budgetary costs for an ageing population. (lc)