Portugal’s Budget Amendment Adds No New Austerity Measures

Portugal can meet its debt-reduction targets and changes to the 2012 budget that were approved today at a Cabinet meeting include no new austerity measures, Finance Minister Vitor Gaspar said.

Portugal is committed to meeting its budget-deficit target of 4.5 percent of gross domestic product this year, Gaspar said. The government is reducing spending and raising taxes to comply with the terms of a 78 billion-euro ($104 billion) bailout from the European Union and the International Monetary Fund.