Portugal specifies some planned cuts to lenders

Reuters News
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Posted: Apr 12, 2013 8:45 AM
Portugal specifies some planned cuts to lenders

LISBON (Reuters) - Portugal will apply new spending cuts worth 600 million euros and bring forward reductions envisaged for 2014 to compensate for last week's rejection by the constitutional court of some government austerity measures, the prime minister said on Friday.

Pedro Passos Coelho said the government had presented some of the measures to Portugal's European partners, who have said they are ready to extend rescue loan maturities for Portugal after assessing the planned cuts.

"600 million euros will come from cuts in each ministry and the other part will come from bringing forward measures from 2014 in the areas of social security, health, education and public companies," the premier said.

(Reporting By Andrei Khalip)