| Portugal stays on track during market downturn | ||||||
AS AN ELECTION pledge it didn’t sound that snappy, but when the Social Democrats came to power in Portugal in May 2002, it was partly on the basis that they would sharply cut the country’s annual budget deficit relative to GDP.
This was not entirely a home-grown idea. Portugal had recently been warned by the EU that its deficit was too high, breaking the criteria for membership of the eurozone, and it was threatened with a hefty fine if the situation was not resolved.
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