In a comment reminiscent of statements issued by Ireland’s government just days before agreeing to its own financial rescue package, Portugal has said it will not require an emergency bail-out from the European Union. Portugal recently approved a new budget designed to cut the deficit from 7.3% of economic output this year to 4.6% in 2011. Public spending will be cut and VAT increased to a maximum rate of 23%.
Source: BBC News
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