The loan organising committee that consisted of the European Commission (leader of the committee), the European Central Bank and the International Monetary Fund (also known as the "Troika") forecasted in September 2012 that Portugal's debt would peak at around 124 per cent of GDP in 2014, followed by a firm downward trajectory after that year. Previously, the Troika predicted that it would peak at 118.5 per cent of GDP in 2013—the developments proved to be slightly worse than that which was first anticipated—but the situation was described as fully sustainable and was seen to be progressing well. As a result of the slightly worse economic circumstances, the country has been given one more year to reduce the budget deficit to a level below 3% of GDP, meaning that the target year was moved from 2013 to 2014.