Mon, May 28, 2012, 5:40 PM EDT - U.S. Markets closed for Memorial Day

Portugal deficit falls, helped by one-off measure

Portugal's budget deficit to be halved this year, but mainly thanks to one-off measure

LISBON, Portugal (AP) -- Portugal's finance minister says his debt-stressed country's budget deficit will likely fall to below 5 percent this year from 9.8 percent in 2010.

But Vitor Gaspar says the sharp drop is largely due to the transfer to the Treasury of euro6 billion ($7.8 billion) in private banks' pension funds.

He said Tuesday that without the transfer the 2011 deficit would be around 7.5 percent — way off the target of 5.9 percent.

Portugal needed a euro78 billion bailout earlier this year as its high debt load pushed it close to bankruptcy.

The center-right government that came to power in June is enacting an austerity program of pay cuts and tax hikes through 2013 despite a recession and a record jobless rate of 12.9 percent.

 

4 comments

  • Barry Satoro is Barack Ob ...  •  4 months ago
    that is why OWS was created to sell, if anyone questioned, the new law to make it enforceable to order firing upon americans, then if there is unrest or a protest headed towards a general common goal of you will either change it or we will physically throw you out, then THEN they can legally bring in foreign commanders and or generals and or standing troops and if there is a young american soldier included and that person refuses to fire its is considered treasonous and can be legally shot on the spot by their immediate superior, that my friend is why this is a biggie.
  • Barry Satoro is Barack Ob ...  •  4 months ago
    what I'm saying is the Communist party has control of the DNC and it is impossible to be a Communist and a red blooded American, impossible because we believe in a free market society which has rights that trumps the power of the national government, and just think in the past 15 years how many of your personal rights have been destroyed and potentially never to return because once the federal government creates or turns into there is no going back it is changed forever unless we finally stand up and say stop person by person, I dont agree with much of OWS is doing BUT watch closely they have already changed the law so that the military can legally be ordered to fire on american citizens, this was a BIGGIE and it will be used.
  • Barry Satoro is Barack Ob ...  •  4 months ago
    you are exactly right Jim, WATCH closely and listen, starting when Hillary Clinton first took office as a senator she was involved in a brainstorm meeting that included how they could sell to the American public absorbing 401ks into the general fund, the outcome of that meeting was to effect manufactoring, to increase the rate of transferring SSI funds and the general person will feel desperate enough, oh yea and to force thru a national healthcare that was unpopular adn while the focus was on all this to slip it thru and to time it politically to be advantagious for the democratic party, I'm a democrat but this DNC is NOT what I'm about and they have really implemented their plan quite well, I would not have known this if I had not been within barking distance of DC, I sat in that meeting SHOCKED and knew in that instance we had very evil people who strive to win at all cost and if not careful it will cost everything, they will use Portugal as a selling point but here is the problem initially it kills the deficit yes but you have to look at future liability and ability to fund, also keep in mind the verbage used is when its taxfree then it is absorbable into the general fund but one glaring problem this is PRIVATE money, it is coming very soon maybe this year and the average population unfortunately will probably fall for it unless we expose them person by person. Hillary Clinton is a very evil devious person and we need to watch everything she does and says publically and privately very closely, anything she agrees to while traveling needs to be scrutinized with a microscope and shot down the instance its out of line. Sorry for being so long but we have to watch this closely Portugal is a benchmark testing not how its works but the reaction of the American general public.
  • jim s  •  Fayetteville, North Carolina  •  4 months ago
    Center/right. Take retirement funds to cover overspending, Sound familiar ?
 
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