Commission decides Portugal has excessive deficit

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Background:

Following this conclusion the Commission recommends the Council to adopt a similar decision and to address a Recommendation to Portugal in accordance with the Amsterdam treaty. The Commission concluded that the Portuguese government should:

adopt and implement all necessary measures in order to ensure that the general government deficit is reduced to clearly below 3% of GDP in 2003 (it was 4.1 per cent in 2001);
keep the debt ratio below 60% of the GDP reference value (currently at 55.5 per cent, but rising);
present before the end of 2002 an updated stability programme covering 2003 and the years beyond including ambitious budgetary targets for the achievement of the medium term budgetary position of close to balance or in surplus, and to secure that the debt ratio is brought back to a declining path.

A deadline of 5 March 2003 is established for the Portuguese government to take these measures. The economic and finance ministers are expected to reach a decision on this point during their meeting on 5 November.