Portugal to stick to deficit cuts to overcome Brexit impact

LISBON: Portugal will stick to a rigorous budget management to meet its deficit reduction goals and overcome any turbulence linked to Britain's decision to leave the European Union, the finance ministry said on Friday. "The finance ministry reaffirms commitment to the established budget targets that will allow us to leave the excessive deficit procedure," it said in a statement.

Earlier, data showed the deficit in the first quarter narrowed, although still far from this year's target of 2.2 percent. 1 "The continuation of a rigorous budget management is fundamental for overcoming the moments of uncertainty lived by the European Union, like those resulting from the Brexit option chosen by British voters."

Finance Minister Mario Centeno said in a radio interview late on Thursday the treasury had an adequate liquidity cushion to withstand shocks and the country's financing needs were covered until mid-2017.