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BRUSSELS (Dow Jones)--Portugal might need to take further steps to cut its budget deficit, the European Commission said Wednesday.

Portugal, which had a budget deficit worth an estimated 9.3% of gross domestic product last year, aims to bring its deficit below 3% by 2013.

The commission, the European Union's executive arm, said there are risks to this plan, particularly if Portugal's economy doesn't grow as quickly the government expects this year.

"Additional measures of fiscal consolidation might be needed, especially for this year, if risks to the macroeconomic and fiscal developments materialize," European Commissioner for Economic and Monetary Affairs Olli Rehn said in a statement.

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Scrisoare catre postul de televiziune:

− Va rog terminati o data cu stirile difuzate pe banda din josul ecranului! Soacra-mea crede ca e karaoke!

 

Mi s-a parut mult prea tare , sa nu-l impartasesc cu voi :sad:

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CABLE: CitiFX Techs report says, 'going long cable,..

CABLE: CitiFX Techs report says, 'going long cable, breaks dual levels

of resistance on close above both the double bottom neckline at $1.5382

and the 55 day moving average at $1.5360 last night. This now suggests

potential for a good move higher with a target close to $1.60, with the

200 day moving average at $1.6073.'

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Ford Romania must increase total production to over 250,000 cars by 2011, or it could pay penalties to the state of up to a quarter of the EUR57 million price paid for Automobile Craiova, news agency Mediafax reports Wednesday.

Ford Motor Co. (F) bought the Romanian auto assembly plant in 2007. Under the terms of the deal, the U.S. carmaker pledged to pay authorities up to 25% of the purchase price unless it stepped up production to over a quarter million units within four years of privatization.

The penalty drops to 10% of the purchase price if Ford manufactures between 200,000 and 225,000 units by the deadline, or to 5% of the purchase price if total production reaches between 225,000 and 250,000 units.

So far, Ford has only assembled 400 cars at its Craiova plant, which means the company would have to ramp up production and make 625 times more vehicles in the remaining year and a half to avoid paying penalties.

Ford Romania's officials declined to comment on whether they will be able to reach the agreed production level by 2011.

The U.S. carmaker assembles its Transit Connect model in Craiova. It will start production of the B-Max small-class model in 2010.

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