February 12, 2012
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Portuguese lawmakers approve gov’t budget cuts
14 March 2010 / AP , LISBON
Portugal’s parliament approved the Socialist government’s state budget proposal Friday, endorsing measures to reduce a debt load that has unsettled financial markets.
Parliament’s consent for spending cuts provided some respite for the embattled minority government, which is fighting to restore investor confidence while deflecting trade union anger over a pay freeze for civil servants. “This is the budget the country needs,” Prime Minister Jose Socrates said in brief comments after the vote. “This is a political victory for the country.”
Portugal disclosed last month that its 2009 deficit is expected to reach 9.3 percent of gross domestic product -- way above the 3 percent limit for euro zone countries, including Portugal. The overspending raised concerns that Portugal could run into the same trouble as Greece, where a deeper financial crisis rattled international confidence. Greece’s deficit stands at 12.7 percent for 2009.
In addition to the budget, a four-year austerity plan will prune welfare benefits and government hiring while also selling assets and raising taxes on the well-off. The goal is to get the deficit to below 3 percent by 2013.
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