Portuguese parliament approves budget

Portugal’s parliament approved the outline of an austerity budget on the 3 November 2010 designed to reassure financial markets that the government would meet ambitious deficit reduction targets.

The vote came after José Sócrates, Portugal’s Prime Minister, blaming an increase in government bond yields on 'speculative movements', told parliament that pressure on the country’s borrowing costs had no economic justification.

EUObserver, 5.11.10: Portugal rejects bailout rumours http://euobserver.com/9/31207

ESO: Background information: Debt costs jump for Dublin and Lisbon http://www.europeansources.info/record/debt-costs-jump-for-dublin-and-lisbon/

ESO: Background information: Portugal set for tough austerity budget http://www.europeansources.info/record/portugal-set-for-tough-austerity-budget/

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