Portugal must be ready to make more cutbacks if can’t achieve its deficit-reduction target, the European Union’s executive commission warned Wednesday as it struggles to curb soaring debt levels across the region.
Portugal’s austerity efforts are closely watched by financial markets looking to see whether Greece’s borrowing problems could spread to another member of Europe’s currency union.
Eurozone nations have pledged Greece some €30 billion in loans if it can’t borrow from markets.
A European Commission report said that Portugal’s target to reduce its deficit to 8.3 per cent this year could run into trouble if it can’t raise the money it expects from non-tax revenue and cutbacks to capital spending.
“The outlined revenue performance and expenditure containment may be difficult to attain on the basis of the announced measures already in 2010,” it said.
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