The Portuguese government is heavily indebted, and received a 78-billion-euro bailout from the European Union and the International Monetary Fund in May 2011. The ratio of Portugal's debt to its overall economy, was 107 per cent when it received the bailout. As part of the deal, the country agreed to cut its budget deficit from 9.8 per cent of GDP in 2010 to 5.9 per cent in 2011, 4.5 per cent in 2012 and 3 per cent in 2013.