Deficit Lies From Europe - Portugal Edition
No word if Goldman Sachs was involved... --- Portugal's Deficit Underestimated Says Opposition Party (Reuters) - Portugal's budget deficit and public debt are higher than those reported by the government, which is trying to regain investor confidence amid a debt crisis, the leader the main opposition party said on Saturday. Pedro Passos Coelho told a meeting of his Social Democratic Party items like state-run companies' debts were not included in the overall public debt, which the government puts at 82 percent of gross domestic product this year. He said that the "true" total public debt stood as high as 112 percent of GDP, while the budget deficit should be at 9.5 percent of GDP, far above the minority Socialist government's target of 7.3 percent for the end of the year. "The state has for many years been removing from the budget a series of activities, which has made a large part of our numbers fictitious," he said in televised remarks. ## Background stories:
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Nov 21, 2010 at 10:06 PM
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