Portugal back to fiscal health, says EU

Portugal has become the latest bailed-out eurozone country to receive a clean bill of health from the European Commission after its budget deficit fell to 2% of GDP last year.

This brings it well below the EU limit of 3% and allows it to exit the Commission's excessive debt procedure.

After its 2011 bailout, Portugal saw austerity policies under a centre-right government until elections in 2015.

Since then, a Socialist-led coalition has reversed those austerity measures.

EU economy commissioner Pierre Moscovici said the outcome was "extremely good news" for Portugal. - BBC News