The IMF has told Portugal that the draconian austerity budget it has passed for 2013 will not be enough and has asked for more austerity. Portugal needs to make up a 4 billion euro gap and to do so the IMF wants to see cuts to government salaries, cuts to the government pension plan and a reduction in headcount.
Just as a recap here, let's remember that the fiscal cliff in the US is nothing compared to the severity of tax increases and budget cuts the Portuguese government is enacting. In fact...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.