Portugal Elevates Modified Budget Shortage to 9.1% of National Income

The Guardian reports that Portugal, in bailout talks with the EU and IMF, has admitted its debt load is even greater than its initial estimates after revising up its deficit for 2010 to 9.1% of gross household product. The country’s National Statistics Institute sent the modification to the EU’s data office, Eurostat, this weekend, blaming the decision to include three public-private partnerships onto the nation’s books for causing the rise in the debt. The previous figure provided to Eurostat by Portugal was 8.6%, well above the 7.3% that was targeted by the government for 2010.

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