"I look forward to continuing to have excellent cooperation with the new Portuguese government and with the new Minister of Finance, who I look forward to meeting in person later today. I understand that overall the public finances of Portugal remain very stable and in good order, but I also understand that the new Minister of Finance will have his own plans in terms of how he wants to strengthen them further, but I look forward to excellent cooperation," said Paschal Donohoe.

Speaking on arrival at the Eurogroup meeting in Brussels, which is the Portuguese finance minister's 'debut', the official declined to comment on recent statements by Joaquim Miranda Sarmento regarding the deficit and debt left by the previous socialist government: "I will leave that for the debate that is taking place in Portugal".

"I understand that the view of the Eurogroup, of the Commission and of all of the finance ministers in the European Union is that there has been a huge improvement in the public finances of Portugal. We have seen its debt levels continuing to improve and we have also seen the Portuguese economy return to strong growth and I am sure that the new Minister of Finance will update us on his latest outlook for the economy," said Paschal Donohoe.

"I look forward to very good cooperation with them," he added.

The Minister of Finance, Joaquim Miranda Sarmento, is making his debut in Brussels today for a Eurogroup meeting, in which he will present the "priorities of the new government's economic and financial policy" to his eurozone counterparts.

In what is the first Eurogroup meeting he has attended since taking office in early April, the Portuguese minister will "present the priorities of the new Portuguese government's economic and financial policy", according to the meeting agenda.

No statements by the Minister of Finance to Portuguese journalists in Brussels are planned. However, a source from the Ministry of Finance stressed that the minister will present his eurozone counterparts with the "ambitious programme of structural reform of the Portuguese economy" and the "commitment to maintaining balanced accounts and reducing public debt".

In early May, in a summary of budget execution in the first three months of the year, Joaquim Miranda Sarmento revealed that the deficit and debt unpaid by the previous socialist government reached €600 million in March.

"In January there was a 'surplus', an excess, of almost €1.2 billion. This surplus fell to around €800 million in February, and in March it reached a deficit of almost €300 million," said the minister.

According to Joaquim Miranda Sarmento, budget execution reached a deficit of €259 million in March, with debts to suppliers increasing by around €300 million.

However, the statements were denied by his predecessor, the socialist Fernando Medina.

This Eurogroup meeting takes place two days before the European Commission releases its spring macroeconomic forecasts for the eurozone and the European Union.

Read also: Finance Minister debuts today at the Eurogroup meeting in Brussels (Portuguese version)