Portugal aims to lower 8.3 percent deficit below 3 percent before 2013 by Milota Sidorova

The second target of Greece alike scenario debt in the Europe was Portugal and Spain. In effort to avoid the social and economical misery, the countries would have to either make deep cuts wherever possible or to take international loan. The first solution seemed to make more sense. Portugal is already working on it. By the end of the month it wants to offer national debt eliminating plan in Brussels. The aim is to lower the debt below 3 percent EU member limit of GDP before 2013. The current debt makes about 8.3 percent this year. The government is obviously preparing cuts in public sector, raise taxes on high incomes and stock market gains and aims to increase incomes via! privatizing. Government plans to gain more than 6 billion euro in privatization process. Spending cuts will create up to 50 percent of the planned deficit reduction. Wage reductions will total up to 16 percent of the drafted plan. The economy growth projected up to 0.7 percent should recover the rest of the plan. The economy is expected to gain about 0.2 percent in 2011, then 1.3 percent next year and 1.7 percent in the final year. One has to say, it is the best scenario.One has also say, these measurements are not very well accepted. Greece got stuck under several general strikes for few days. The communication broke down and every day of strike means millions and millions euro blown away. If it comes to wage cut-offs in public sector, incomes won't increase more than necessary minimum equal to inflation. This scenario is expected to last for next three years.

related story (sgx16700): http://www.fr! ance24.c om/en/20100308-lisbon-announces-austeri...

by Milota Sidorova for SigEx Ventures (http://sigexventures.com)

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