The European Union may consider giving Portugal more time to meet its deficit targets if economic conditions worsen, Jeroen Dijsselbloem, head of the group of euro-area finance ministers, said.
Showing posts with label Portuguese government. Show all posts
Showing posts with label Portuguese government. Show all posts
August 31, 2011
Portugal plans biggest spending cuts for 50 years
The Portuguese government is planning the country's biggest spending cuts in 50 years, a move its finance minister described as "unprecedented".
Vitor Gaspar said the centre-right Social Democratic administration would reduce public spending from the current 44.2% of Portugal's annual economic output or GDP to 43.5% by 2015.
Vitor Gaspar said the centre-right Social Democratic administration would reduce public spending from the current 44.2% of Portugal's annual economic output or GDP to 43.5% by 2015.
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