With Greece in the spotlight, the market is very focused on other high-deficit eurozone economies.
Portugal is getting a scolding now from the IMF.
Their deficit will grow to 8.6% of GDP in 2010 from 8% in 2009 if no new measures are taken.Current policies are not suffitient to return the deficit to the 3% EU limit by 2013, the Fund reports and says fiscal consolidation is critical and should focus on cutting current spending and public wages.Debt to GDP would rise to 100% by 2013, if cuts are not made, the IMF said
EUR/USD has fallen as low as 1.4081 intraday and now trades at 1.4097.