Pedro Passos Coelho News
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Portugal’s economy shrank for a 10th quarter in the three months through March as the government cut spending and the euro-area recession deepened.
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Portugal needs further education reforms and should consider introducing changes in the tax system to help its economy, the Organization for Economic Cooperation and Development said.
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Portugal’s jobless rate rose to a euro-era record of 17.7 percent in the three months through March as the country’s economy contracts for a third year.
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Portugal’s first sale of 10-year bonds since its bailout in 2011 attracted demand for more than three times the amount the government was seeking to raise.
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Portugal hired banks for its first issue of new bonds since the country asked for a bailout from the European Union two years ago, according to a person familiar with the matter.
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Portugal proposed spending cuts that include reducing the number of state workers as it tries to meet deficit targets without relying on tax increases.
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Portugal’s government reiterated its forecast for the economy to return to growth in 2014 after a three-year recession and said it would focus on cutting spending.
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Perched above the Atlantic Ocean in the port of Sines, 15th century explorer Vasco da Gama is overseeing Portugal’s efforts for an economic revival.
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Portuguese Prime Minister Pedro Passos Coelho faces a Constitutional Court ruling on the legality of some elements in this year’s budget that may challenge the government’s ability to meet deficit targets.
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Portugal will carry out more spending cuts this year and ruled out further tax increases after the Constitutional Court blocked a plan to suspend a monthly salary payment to state workers and pensioners.
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