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Portugal Slips Behind Spain, Ireland on Deficit

Portugal may be slipping behind Spain and Ireland in the dash to cut budget deficits, and credit conditions in the economy are the tightest since the height of the global financial crisis in 2008, JPMorgan Chase & Co. said.

“Spain and Ireland look to be tracking their fiscal objectives for the year,” said David Mackie, chief European economist at JPMorgan, in an e-mailed note. While Greece has shown “some slippage,” in Portugal “the situation looks more worrisome, with the lack of budgetary progress reflecting faster expenditure growth than would be consistent with the fiscal objective.”