Portugal may join budget deficit breakers

Portugal's central bank has announced that its deficit will exceed the EU's 3 per cent limit, under the growth and stability pact. The bank said it would probably run a deficit in excess of 4 per cent, due to the recession being more severe than expected.

Source: EU Politix

Adding to the woes of the EU's stability pact, Portugal's central bank has announced the country's deficit will badly overshoot the pact's three per cent of deficit limit this year.

According to a report published by El Banco