Fiscal consolidation in Greece has been greater and faster than in Portugal. Despite having faced a larger recession, Greece managed to reduce its deficit by 9.3 p.p. between 2009 and 2012 while Portugal’s deficit was reduced by 3.7 p.p. in the same period. The fiscal adjustment in Ireland has been significant too, although in this case the fiscal imbalance had derived mainly from the large injections of capital in the financial sector.