Portugal - Jan 23

While many Eurozone countries, such as Greece, Italy and Spain, struggle to rein in large deficits, it seems that Portugal has reached a noteworthy step towards fiscal sustainability. Tax receipts rose to €37 billion, and the deficit fell faster than expected to €7 billion, or approximately 4% of GDP.  If Portugal did not have to make payments to service its existing debt, the central government would have run a surplus of  €1 billion for 2014. The Portuguese government hopes to lower debt to just 3% of GDP in the coming year.

Source: Reuters