Portugal Gets Tough
By Sergio Goncalves |
May 14, 2010, Friday
|
Print Edition
Print Edition
PORTUGUESE leaders agreed to tough new austerity measures yesterday, joining a coordinated eurozone push that has so far calmed the markets' fears of a debt crisis spreading.
Portuguese Prime Minister Jose Socrates and opposition leader Pedro Passos Coelho drew up steps to reduce the budget deficit by about 2 billion euros (US$2.5 billion), half from spending cuts and half from increases in sales, income and profits taxes.
Portugal's government said earlier it would cut its 2010 deficit to 7 percent of GDP.
Portuguese Prime Minister Jose Socrates and opposition leader Pedro Passos Coelho drew up steps to reduce the budget deficit by about 2 billion euros (US$2.5 billion), half from spending cuts and half from increases in sales, income and profits taxes.
Portugal's government said earlier it would cut its 2010 deficit to 7 percent of GDP.
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