‘Eurogroup wants Gaspar to show detailed cost cutting measures’

Published on 11 April 2013 at 08:52

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The government has managed to convince the EU-IMF-ECB troika that it will be able to fill the €1.3bn hole in its public finances left by the Constitutional Court’s decision to reject four elements of the 2013 budget.

To get an extension in repayments of its European loans, finance minister Vítor Gaspar will also have to convince the Eurogroup and Ecofin on their April 12-13 meeting. He will detail measures to meet the deficit target of 5.5 per cent of GDP this year.

Without the repayment extension, “Portugal would have to pay €137.5bn over the next 10 years, with peaks in repayments falling in 2015, 2016 and 2021,” according to the daily.

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