Portugal Approves Spending Cuts to Meet Bailout Target

The Portuguese government approved on Thursday new spending cuts worth 0.5 percent of gross domestic product to put its fiscal plans under an EU/IMF bailout back on track after the rejection by the constitutional court of some austerity measures.



Budget Secretary Luis Sarmento said the cuts should allow to meet this year's budget deficit target of 5.5 percent of GDP and get the lenders' approval for the disbursement of the next 2 billion euro bailout tranche, Reuters reported.

 


 

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