According to Central Bank, an assessment of the Madeira region accounts showed that the island authorities have reported debts of 1.1 billion euros in 2008-2010. The impact of this discovery on the budget deficit is estimated at 0.3% of GDP.
EU and IMF have made available to Portugal, in May, a financial aid package of 78 billion after the country's high level of indebtedness caused unsustainable growth to a degree the cost of borrowing on financial markets.
Bank described as "serious" gaps and added that similar cases do not know.
In the first part of the EU has shown that the Madeira region is responsible for a deficit of 500 million euros in state finances for 2011.
Latest discovery will have a negative impact on Portugal to meet budget deficit target this year of 5.9% of GDP. Last year, Portugal had a deficit of 9.1% of GDP.
I hope we'll hear good news about Portugal in the future
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