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#1 2018-10-09 02:38:39

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Registered: 2018-01-06
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LISBON Andrei Vasilevskiy Lightning Jersey , May 22 (Xinhua) -- Portuguese President Marcelo Rebelode Sousa on Monday praised EU's decision to close the country'sexcessive deficit procedure and praised the Portuguese for theirsacrifices in the past years.

"Today is a day to congratulate the Portuguese. This decisionwas only possible due to their sacrifices over many years," Rebelode Sousa said.

"Tomorrow is a day for all of us to start working to converttoday's decision into what matters: more confidence, moreinvestment, more growth and more employment," he told journalistsfollowing a seminar about euthanasia at the faculty of medicalsciences in Lisbon.

The decision on behalf of the European Commission to recommendthe Economic and Financial Affairs Council to close Portugal'sexcessive deficit procedure was revealed on Monday at thepresentation of the European Spring Semester Package.

The European Commission has pointed out that Portugal managed toreduce its deficit to 2 percent of Gross Domestic Product (DGP) in2016 Victor Hedman Lightning Jersey , below the 3 percent threshold in the Stability and GrowthPact, and that according to the next economic forecasts the deficitwill be below the 3 percent ceiling in both 2017 and 2018.

Portugal's exiting the excessive deficit procedure will be aturnaround for a country that in 2011 had to sign a 78-billion-eurobailout program with international lenders when it was on the vergeof bankruptcy.

The previous administration led by Pedro Passos Coelhointroduced harsh spending cuts and tax hikes to cut the deficit,but the current Socialist government led by Antonio Costa decidedto reverse austerity and has shocked sceptics by cutting thedeficit to the lowest level in around 40 years.

Portugal's debt remains very high, at over 130 percent of GDP,and only Canadian rating agency DBRS rates the country's debt asinvestment. Enditem

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2018-10-09 02:38:39



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