Portugal: austerity budget with highest tax increase in history as prep for OMT

Mired in the worst recession since the 1970s, Portugal's governing coalition is going to turn up the austerity dial even higher. The goal is to reduce the Portuguese deficit to 4.5% of GDP in 2013 in order to be in a position to switch out of the present 78 billion euro bailout facility that is expiring and access market funding in conjunction with the ECB's new outright monetary transactions programme. Under the OMT, Portugal would move from its present Troika program to one in which Portugal w...


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