Arab Today, arab today portugal pm announces severe public spending cuts
Last Updated : GMT 13:11:41
Arab Today, arab today
Arab Today, arab today

Opposition attack ‘excess of austerity’ policies

Portugal PM announces severe public spending cuts

Arab Today, arab today

Arab Today, arab today Portugal PM announces severe public spending cuts

Portugal’s economy looks set to shrink by a further 2.3% this year
Lisbon - Arabstoday

Portugal’s economy looks set to shrink by a further 2.3% this year Portuguese Prime Minister Pedro Passos Coelho called for severe cuts in public spending after a court rejected a number of austerity measures, as the EU warned the debt-hit nation to respect the aims of its international bailout.In an address to the nation Sunday, Coelho said there would be no new tax hikes in 2013 but that measures would be taken to "contain public spending in the areas of social security, health and education.”
The prime minister did not go into details of the anticipated cuts. His government has been involved in seeking to slash public expenditure by €4bn ($5.2bn) by 2015.
On Friday the constitutional court ruled that several measures in the budget were unlawful, including the scrapping of a 14th month of salary for civil servants and retirees, as well as cuts to unemployment and sickness benefits.
The government condemned the decision, which will see it lose out on about €1.2bn in savings. It said the ruling would make it difficult to achieve the budget cuts needed to meet the terms of a €78m bailout from the European Union and International Monetary Fund.
Portugal's position is now "more fragile" than before, Coelho said and could harm its intention to negotiate with the EU for an extension on deadlines to reimburse its loans.
But it was out of the question to request another bailout, Coelho said, adding that "the government will respect all of the objectives of the aid programme.”
For its part the European Commission late Sunday warned Portugal that it must do just that.
"Any departure from the programme's objectives, or their re-negotiation, would in fact neutralise the efforts already made and achieved by the Portuguese citizens...and prolong the difficulties from the adjustment," the Commission said in a statement.
"Continued and determined implementation of the programme offers the best way to restore sustainable economic growth and to improve employment opportunities in Portugal."
At the same time, it was a "precondition" for any decision on extending the deadlines for reimbursing the financial assistance, the EU executive added.
The 2013 austerity budget, approved by parliament last year, was expected to bring Portugal €5.3bn in savings in a bid to haul the embattled eurozone country out of the crisis.
Coelho's centre-right government survived a no-confidence motion in parliament on Wednesday brought by the opposition Socialists, who were in power when Lisbon sought a bailout in May 2011.
But they now accuse Coelho's administration of an "excess of austerity," which they blame for worsening the country's recession and unemployment -- and triggering a wave of angry protests.
According to official forecasts, the Portuguese economy will shrink by 2.3 percent this year and the unemployment rate, now at 16.9 percent, will climb to 18.2 percent.
Last month, Portugal won an extra year from its creditors to bring down its public deficit in line with EU regulations. The government now targets a deficit of 5.5 percent of gross domestic product in 2013.
 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal pm announces severe public spending cuts Arab Today, arab today portugal pm announces severe public spending cuts

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday