Portugal’s budget deficit fell below 2% last year so European Commission has announced the country is a poster boy for its austerity policies and has recommended that it is allowed to exit the EC excessive debt procedure.

After its 2011 bailout, Portugal suffered harsh austerity policies under the Passos Coelho government which was kicked out in 2015, to be replaced by a milder form of austerity under the Socialist Party leader, António Costa.

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