Portugal needs more fiscal consolidation-Lagarde

WASHINGTON Thu Jan 17, 2013 12:11pm EST

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WASHINGTON Jan 17 (Reuters) - More fiscal consolidation is needed in Portugal, the International Monetary Fund said on Thursday, noting that the country has made progress in reducing its deficit.

"Portugal has done an extremely good at reducing the deficit. Two-thirds of the way has already been completed and done. We know that more fiscal contraction is needed," IMF Managing Director Christine Largade told reporters.

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