Portugal financial system remains exposed to certain risks: ministry

Portugal's financial system remains exposed to certain risks, the Portuguese finance ministry admitted in a statement on Monday, following the European Commission's post-program surveillance mission.

"The government has and will continue to implement all the necessary actions to strengthen the sector, in cooperation with the European institutions," the statement reads.

The ministry of finance added that the country's recent recapitalization process of Bank Caixa Geral de Depositos was an example of Portugal's efforts.

The government is also implementing a comprehensive structural agenda, the ministry adds. This includes "measures to promote the capitalization of firms, the modernization of public administration, and qualifications of labor."

The government pointed out that economic growth would continue, with the country seeing a 10-percent reduction in the number of unemployed people in the second quarter.

The finance ministry's statement came after the European Commission released a report on Monday regarding its fourth post-program surveillance mission to Portugal, which took place between June 15 and June 22.

Portugal exited a 78-billion-euro (87.17 billion U.S. dollar) bailout program in 2014 after three years.

The European Commission said Portugal's deficit was higher than the country's targets and said new measures worth 450 million euros would be necessary for objectives to be met at the end of this year.

While the government is aiming to lower its deficit to 2.2 percent at the end of 2016, Brussels says the deficit is more likely to be closer to 3.0 percent.

The European Commission will be carrying out another post-program assessment of Portugal at the end of the year. Endit