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Response to Tansy_Gold (Original post)

Tue Apr 9, 2013, 10:04 AM

15. Brussels urges Portugal to present alternative budget measures swiftly

http://elpais.com/elpais/2013/04/08/inenglish/1365432279_417638.html

The European Commission on Monday called on the Portuguese government to quickly present the alternative measures it plans to introduce to meet its deficit-reduction targets after the Constitutional Court on Friday threw out some aspects of its austerity program.

EC spokesman for economic and monetary affairs, Simon O’Connor, said it was up to the Portuguese government to decide on those measures and present them swiftly, but insisted they should fulfill the same fiscal objectives agreed with the European Union, the European Central Bank and the IMF as part of the terms of its 78-billion-euro bailout.

O’Connor said fulfillment of the terms was a “precondition” for the disbursement of a two-billion-euro tranche of the bailout in May, as well as for extending the timeframe for the return of the loan.

Portuguese Prime Minister Pedro Passos Coelho on Sunday said the government ruled out further tax increases to fill the gap of some 1.3 billion euros in its budget plans for this year left by the Constitutional Court’s decision to rule that cuts in holiday pay for public-sector workers and pensioners and reductions in unemployment and sick leave benefits were illegal. He said the government instead plans to further shave outlays on education, health and social security.

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Tansy_Gold Apr 2013 OP
Demeter Apr 2013 #1
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LineReply Brussels urges Portugal to present alternative budget measures swiftly
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