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Portugal Revises 2010 Budget Deficit To 9.1%

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LISBON (Dow Jones)--Portugal's government has revised the budget deficit for last year again, to 9.1% of gross domestic product from 8.6%, due to another recast in services delivered by the private sector to the government.

The budget deficit for 2009 was also revised slightly to 10.1% of GDP from the 10% announced late last month, the agency said in a statement late Saturday.

The target was 7.3% which they initially claimed they had hit.


I can see this doing wonders for the economic credibility of the Portuguese government. How many other skeletons are going to come out of the cupboard? Portugese bonds anyone?

Countdown to harsh austerity measures imposed by the EU which will destroy the Portuguese economy, push them in to a debt spiral which will inevitably lead to default.

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