Portugal's Finance Minister, Manuela Ferreira Leite, demonstrated before the Stability and Convergence Pact (SCP) that her concern is limited to a mere accounting technique, the sole objective of which is to ensure the deficit does not exceed 3%. In this way, all her concerns are focused on the area of current state expenditures and revenues, neglecting any matter related to investment. This fact is causing serious concern among the country's economic actors.
At the beginning of the year, Ferreira predicted a 2,4% deficit for 2003, a figure analysts considered unrealistic, despite the previous year's accounts closing with a deficit of 2,8%. In August of this year, the minister revised her earlier 2003 forecast, placing the deficit at 2,94%, contradicting a potentially conservative estimate by the International Monetary Fund (IMF), which projected a Portuguese budget deficit of 3,4% for 2003.
The government's relentless pursuit of spending cuts at all costs is already taking its toll on the country. The wildfires that raged throughout the summer are largely due to a lack of investment in prevention.
Now, concern is shifting to the various state sectors responsible for maintaining different structures and infrastructure, which were ultimately eliminated indiscriminately by the current minister. One consequence was the collapse of a pedestrian bridge over a highway near Lisbon, resulting in several injuries.
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