Court creates extra budget deficit of €860M

Page created: Friday, 27 June 2014 18:34 GMT

Budget Deficit  Constitutional Court

Portugal’s finance minister, Maria Luís Albuquerque, said on Friday that the country’s Constitutional Court rejection of three articles in the budget have left a shortfall of some €860 million in the accounts.

Albuquerque told the public administration, finances and budget commission that “there is no leeway or margin for maneuver” and that “although the deficit is going to be lower, there is still going to be a deficit”.

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Regarding the 6% Gross Domestic Product (GDP) deficit for the first quarter, announced by the Portuguese National Statistics Institute (INE) on Friday, the finance minister said that this estimate had not taken the Holiday bonus payment or the constitutional court rejections into account.