Wednesday, the Organisation for Economic Co-operation and Development said it stands ready to support the Portuguese authorities in their efforts to bring down budget deficit under the EU ceiling.
The Paris-based OECD said Portugal's austerity measures would help to maintain market confidence, support growth and ensure fiscal sustainability.
It said efforts to make the tax system more broad-based and to minimize any negative impact of fiscal consolidation on potential economic growth are welcomed.
On Monday, the Portuguese authorities unveiled a combination of expenditure restraint and revenue-raising initiatives to bring the budget deficit below 3% of GDP by 2013 from 9.3% of GDP in 2009.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.