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Portugal analyzing effects of recapitalizing bank: FinMin

Xinhua, April 13, 2017 Adjust font size:

The effect of the recapitalization of Portuguese bank Caixa Geral de Depositos (CGD) that will have on the country's public deficit is being analyzed by the Portuguese national statistics institute and Eurostat, Minister of Finance Mario Centeno said on Thursday

"The impact it will have on public accounts is still open, and the government has been working together with these institutions to clarify the situation and to be able to make a decision," he added.

Portugal and the European Commission agreed on a 5 billion euros (5.31 billion U.S. dollars) recapitalization plan for the bank in August 2016.

The rescue of the bank took place when the country was still suffering the consequences of two bank rescues in 2014 and 2015.

Portugal's deficit fell to a 42-year low at 2.1 percent of GDP last year, but the country's debt still stands at over 130 percent of GDP. Endit