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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.