Portugal has third biggest EU deficit

Portugal had the third biggest deficit in the European Union at 4.4 percent of GDP, and the second biggest public debt at 129 percent last year, Eurostat figures revealed. Portugal’s deficit last year was only smaller than Greece (7.5 percent) and Spain (5.1 percent). Portugal recently avoided a fine for having missed its deficit target last year, and is currently undergoing an excessive deficit procedure. The center-left socialist government, which came to power in November, vowed to raise pensions and personal income while increasing indirect taxes to meet fiscal targets.