Portuguese Socialist Party spearheads the cuts
Portuguese Prime Minister Jose Socrates (s0 caled Socialist Party) has threatened to resign if his minority government's latest austerity plan is rejected by parliament, a defeat that could force Lisbon to seek an international bailout.
The measures, presented on March 11, include further spending cuts and structural reforms aimed at bringing Portugal's budget deficit down to 4.6 percent of gross domestic product in 2011 from around 7 percent last year.
The ruling Socialists (sic) adamantly oppose requesting external help, saying Portugal can solve its own problems through tough austerity measures.
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Comments
BION I'm ipmrseesd! Cool post!
Well glad to hear it...meanwhile in the UK
The Government's deficit reduction plans were dealt a blow today after official figures revealed that last month's borrowing figures were the highest ever recorded for the month of April.
Public borrowing, excluding financial interventions such as bank bail-outs, hit £10 billion, compared with £7.3 billion the previous year, said the Office for National Statistics (ONS).
The figure, which is higher than City expectations of £6.5 billion, will cast doubt on whether the Government can meet its target of bringing the deficit down to £122 billion this financial year.
The ONS said tax receipts fell year on year, which had been boosted to the tune of £3.5 billion a year earlier by the tax on bankers' bonuses.
Makes you wonder what the working class is to expect when they do get round to cutting the borrowing, because its pretty dire already.