Portugal sharply revises up 2014 public deficit
Novo Banco bank
Lisbon - Arab Today
Portugal's statistics agency on Wednesday dramatically revised up the eurozone nation's public deficit for 2014, mostly due to a major bank rescue.
The INE agency revised up the deficit from 4.5 percent to 7.2 percent of economic output, way above the EU's three-percent limit.
The revision mainly reflects the a 4.9-billion-euro cash injection to rescue the Novo Banco bank, the INE said.
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