Thursday, July 10, 2014





Portugal launches another round of spending cuts


April 18. 2013 6:34AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Portugal's government has announced plans to save around 800 million euros ($1 billion) this year about 0.5 percent of its annual gross domestic product by slashing expenditure on public sector staff, goods and services.


The center-right government says the new austerity measures are needed to meet deficit targets stipulated by creditors who gave the country a 78 billion euros bailout two years ago.


The government is trying to plug a 1.3 billion euros hole in its budget after the Constitutional Court recently ruled that some of this year's austerity measures were unlawful.


Officials said Thursday the latest cuts will likely result in layoffs and prompt some public services to be scrapped.


Government minister Luis Sarmento said the steps "will place public services under great pressure."


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds