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Portugal pushes austerity budget through

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Portugal pushes austerity budget through

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Portugal has pushed through it’s 2010-2011 austerity budget. A budget deficit of 4.6% of GDP left the government needing to cut spending further to close a 500 million euro gap and meet it’s targets.

But the minority government under Prime Minister Jose Socrates was forced to make heavy concessions to the main opposition Social Democrat party in order to pass the bill.