After Greece, Portugal
BY JOHN RUBINO
Now that Greece has been kicked down the road, it’s time for the other PIIGS countries to start lining up for similar deals. Portugal looks to be next, after its most recent deficit report:
Portugal’s 1Q Budget Deficit Higher Than Expected
LISBON (Dow Jones)–Portugal’s budget deficit for the first quarter of the year came in higher than suggested by the previous government, forcing the new one to step up efforts to control the country’s accounts.
Portugal’s statistics agency said the deficit for the first quarter was at 8.7% of grossdomestic product. Although it was an improvement from 9.2% of GDP in the fourth quarter, it is still much higher than the 5.9% Portugal must reach by the end of the year under a EUR78 billion bailout program.