Breaking News, World News and Taiwan News.

Portugal marks third straight year of financial austerity with new budget

LISBON, Portugal--A third straight year of financial austerity awaits Portugal after the bailed-out country's president signed the 2014 national budget into law.

Among the latest money-saving measures, the annual spending plan includes a pay cut of up to 12 percent for government workers who earn more than 675 euros (US$930) a month.

The head of state's formal ratification of the budget proposed by the government was published Tuesday. His stamp of approval coincided with new strikes by public transport workers who oppose the cutbacks. They plan further walkouts in 2014.

Debt-heavy Portugal has one of the frailest economies among countries that share the euro currency. It is battling to fix its economic problems before its three-year 78 billion-euro rescue loan runs out in the middle of next year.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search