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Portugal's public debt rises in June: central bank

Xinhua, August 2, 2016 Adjust font size:

Portugal's public debt rose by 2.4 billion euros in June, totalling 240 billion euros at the end of the first half of the year, according to a statement by the Bank of Portugal on Monday.

According to the central bank's statistical bulletin, the country's public debt rose by 2.4 billion euros from May.

Portugal is still trying to recover following two bank rescues, which led the budget deficit last year to be above Brussels' limit of 3 percent of gross domestic product (GDP).

While the country was expecting to face a fine by the European Commission, instead Portugal has been asked to reach a deficit of 2.5 percent of GDP by the end of 2016.

Portugal underwent tough austerity under a 78 billion euro bailout it signed with international lenders in 2011 in an attempt to reduce its debt load.

The government forecasts its budget deficit will fall from 4.4 percent last year to 2.2 percent this year and 1.4 percent in 2017. Endite