Arab Today, arab today portugal vows quick budget action after court block
Last Updated : GMT 16:09:25
Arab Today, arab today
Arab Today, arab today

Portugal vows quick budget action after court block

Arab Today, arab today

Arab Today, arab today Portugal vows quick budget action after court block

Lisbon - AFP

Portugal's prime minister vowed on Friday to find alternatives "as quickly as possible" to a key austerity measure in its 2014 budget that was blocked the previous day by the country's top court. Pedro Passos Coelho told reporters on the sidelines of a European leaders' summit in Brussels that they would scramble to find a "new, durable and efficient measure" that would "satisfy the objectives fixed by the international creditors" of the country. Late on Thursday, the Constitutional Court quashed a part of the budget that foresaw a 10-percent cut in civil service pensions. "I will do everything possible to end the climate of uncertainty created by this situation," he said at a news conference relayed on Portuguese television. The court case was a major blow to the bailed-out country and came just three days after international auditors from the European Commission, International Monetary Fund and European Central Bank had given Lisbon the all-clear on the terms of its 78-billion-euro ($104-billion) aid package. The savings from the pension cuts have been estimated at 388 million euros, or one tenth of the austerity measures that total 3.9 billion euros. The cuts were a key plank of the government's target of bringing the public deficit down to 4.0 percent of output next year and the government must now find the savings elsewhere.

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