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Portugal Announces Spending Cuts to Keep Loans Coming

Portugal announced plans for more than 1 billion euros ($1.3 billion) in savings to keep emergency loans flowing after the country’s highest court struck down proposed salary cuts for public workers.

Spending in all programs will be reduced, Luis Morais Sarmento, the secretary of state for the budget, told reporters in Lisbon today. The government will also “redesign” a measure that affects payments from recipients of unemployment subsidies, he said. The cuts represent about 0.5 percent of gross domestic product and more detail on the measures will be provided in a budget amendment next month.

Source: Bloomberg. Read full article. (link)

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