Portugal quashes rumours of reneging on austerity obligations

Portugal’s regional development minister Miguel Poiares Maduro has said the country is “fully committed” to meeting its bailout obligations, amid rumours it may dilute the terms imposed by the troika.

Poiares Maduro was reacting to a report in Newspaper Weekly Expresso, which said the Portuguese government was considering a reduction in planned spending cuts from 2.8 per cent of gross domestic product (around €4.7bn) - agreed as condition for a bailout - down to €2bn.

In an emailed statement to Reuters, Poiares Maduro said:

Portugal remains fully committed to its obligations under the assistance programme as agreed under the last regular review by the 'troika'.

He added that the 2014 budget is being prepared according to these commitments.