Recession in Portugal, lower growth in Ireland - programme countries are in trouble. (Photo:

Economic gloom poses problems for bailed-out countries

Recession-hit Portugal is likely to miss its deficit target this year, the troika of international lenders is expected to conclude next month following its return to Lisbon on Tuesday (28 August) to take stock of the bailout programme.

Portugal's tax revenues have shrunk amid harsh austerity measures and as the economy continues to contract at a rate of over three percent.

The Portuguese treasury has made public that it is short of €2 billion in tax revenues compared to what they...

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