Portugal crisis worse
Source: Agencies |
April 1, 2011, Friday
|
Print Edition
Print Edition
PORTUGAL'S budget deficit ballooned above target last year, and a disagreement at the European Central Bank threatened to undermine Ireland's plans for finally resolving its bank crisis.
Revised figures published yesterday showed Portugal's deficit was more than a percentage point above target at 8.6 percent of gross domestic product, bringing the overall debt burden that Lisbon is struggling to fund to 92.4 percent of its annual output.
Ireland was hoping to persuade investors it finally has control of its financial crisis yesterday when it announced the ultimate bill for bullet-proofing its banks and overhauling the sector. But vital support from the ECB may not be immediately forthcoming and that could undermine Dublin's plan.
Eurozone official sources told Reuters yesterday that there had been internal disagreements within the ECB's Governing Council over plans for a new liquidity facility.
Revised figures published yesterday showed Portugal's deficit was more than a percentage point above target at 8.6 percent of gross domestic product, bringing the overall debt burden that Lisbon is struggling to fund to 92.4 percent of its annual output.
Ireland was hoping to persuade investors it finally has control of its financial crisis yesterday when it announced the ultimate bill for bullet-proofing its banks and overhauling the sector. But vital support from the ECB may not be immediately forthcoming and that could undermine Dublin's plan.
Eurozone official sources told Reuters yesterday that there had been internal disagreements within the ECB's Governing Council over plans for a new liquidity facility.
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