Portugal Sharply Revises up 2014 Public Deficit

Portugal's statistics agency on Wednesday dramatically revised up the eurozone nation's public deficit for 2014, mostly due to a major bank rescue.

The INE agency revised up the deficit from 4.5 percent to 7.2 percent of economic output, way above the EU's three-percent limit.

The revision mainly reflects the a 4.9-billion-euro cash injection to rescue the Novo Banco bank, the INE said.