With Portugal’s deficit heading through the 130% of GDP figure, the absence of a 2016 budget submission to Brussels is causing deepening concern among eurogroup finance ministers and their president Jeroen Dijsselbloem.
Portugal is on the brink of appointing a new government but Dijsselbloem says these political excuses do not wash, he needs a budget from Portugal and the evasion to date is only making things worse.
"The key problem with regard to the budget is that the Portuguese government did not send in its 2016 budget plan, which makes it very difficult to discuss the current financial and budgetary situation in Portugal.
"Of course we hope that very soon they send a budget, from this government or the next," said the eurocrat, on his way to a special meeting of eurozone ministers called to assess the budgetary plans of the euro countries.
Asked if he expects to receive the 2016 budget from the current Portuguese government or from the next, Dijsselbloem said the budget should have come to Brussels by October 15th and that whatever is in it, and whoever sends it, the submission already is “too late.”
"The only thing I know is that Portugal has to send a budget plan as early as possible. They could already have done so. It is late, too late. They should send it as soon as possible and if there is a new government, that's fine too," said the exasperated eurogroup president .
This extraordinary Eurogroup meeting includes Portugal’s Finance Minister, Maria Luís Albuquerque, (pictured) who again will be asked why Portugal is intent on breaking the rules as the euro countries must submit their draft budgets for the following year by October 15th.
The Portuguese government decided to postpone the presentation of its plans due to the parliamentary elections on October 4th, making it the first country ever to miss the deadline.
