For 2015, the Government maintains its firm commitment to respect this year’s deadline for Portugal to exit the EDP and to place the debt-to GDP ratio on a downward trajectory. In the required biannual notification to Eurostat:
— The deficit target for this year is reaffirmed at 2.7% of GDP.
— General Government Gross Debt is expected to reach 125.2% of GDP by end-2015 (down from 130.2% by end-2014). The revision vis-à-vis the Stability Programme’s projection is entirely explained by the need to reflect the statistical authorities’ recent decision to change the treatment of cash-collateral resulting from derivatives’ contracts.