BRUSSELS (MNI) – The following is the full text of a statement by
the Eurogroup on Portugal, after the group’s monthly meeting here
Tuesday:
“The Eurogroup, the European Commission and the ECB welcome the
recent confirmation by the Portuguese government of its commitment to
ensure a reduction of the public deficit to 4.6% of GDP in 2011, and the
draft budget proposal recently released.
“The rigorous implementation of this deficit reduction plan will
ensure the stabilisation of the public debt ratio as planned.
“We also welcome the announcement that the government will step up
the structural reform agenda.
“We invite the Portuguese authorities to further specify such
reforms, which shall aim at enhancing potential GDP growth and
competitiveness by focusing on removing rigidities in the product and
labour markets, including in wage formation, and improving productivity.
“We are confident in the ability of the Portuguese government to
pass the 2011 budget previously agreed with the main opposition party
and to implement the appropriate measures in order to achieve the 2011
deficit target.”
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]
