Arab Today, arab today portugal overspends 2011 budget
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

Portugal overspends 2011 budget

Arab Today, arab today

Arab Today, arab today Portugal overspends 2011 budget

Lisbon - Xinhua

Portuguese Finance Minister Vitor Gaspar said Wednesday that the country will be 3.4 billion euros (4.8 billion U.S. dollars) over the 2011 budget. During a parliamentary debate on the rectified budget for 2011, Gaspar said that out of the 3.4 billion euros spent in excess, only 1 billion(1.4 billion dollars) will be covered by austerity measures. The rest will have to be included in the 2012 budget. The figures were presented as the minister explained about the cut of 13th and 14th month salary payments for all civil servants. \"These measures are strictly necessary to deliver the financial assistance program goals, because the national situation is critical,\" he said. The minister justified the austerity measures the government took to reduce the public deficit as the nationalization of pension funds will provide 2.4 billion euros (3.4 billion dollars) to reduce the deficit. He said if there would be no austerity measures, the actual deficit would be 7.9 percent of the gross domestic product (GDP). The bailout program for the Portuguese economy is based on an agreement signed by the government, which has pledged not to exceed a deficit of 5.9 percent of GDP. If Portugal does not achieve this goal, the loan tranches will be halted. Portugal is currently applying austerity policies it has agreed upon with the European Union and the International Monetary Fund, which granted it a bailout of 78 billion euros (110 billion U.S. dollars). Portugal was the third eurozone country to be rescued after Greece and Ireland.  

arabstoday
arabstoday

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 overspends 2011 budget Arab Today, arab today portugal overspends 2011 budget

 



Arab Today, arab today

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 overspends 2011 budget Arab Today, arab today portugal overspends 2011 budget

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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