Portugal Says Euro Ministers to Discuss Review Approval Oct. 8

The approval of the conclusions from the fifth quarterly review of Portugal’s aid program will be discussed at a meeting of euro-area finance ministers on Oct. 8, Prime Minister Pedro Passos Coelho said in Parliament today.

The Portuguese government announced new austerity measures yesterday to help narrow Portugal’s budget deficit after scrapping a proposal to raise the social-security tax rate that had been agreed with officials from the International Monetary Fund, European Commission and European Central Bank last month.

The timing of the new measures announced yesterday has helped Portugal avoid a new review, Passos Coelho said.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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