Portugal to reach target deficit a year later than planned

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Portugal is expected to reach a budget deficit of 4.5% of gross domestic product a year later than planned. 

In September 2012, the troika of international lenders, comprising the European Union, the International Monetary Fund and the European Central Bank, agreed to relax the country's austerity targets following their fifth quarterly evaluation of the country's €78 billion worth bailout plan. 

According to Portuguese Finance Minister Vitor Gaspar the program was changed in order to "adjust[..] to an external and internal reality that were different than [we] expected originally".

Portugal has been struggling with the social impact of the economic reforms but has plans to further cut public employees' salaries and make workers pay more for social security.