Portuguese Prime Minister Jose Socrates has approved austerity measures in a bid to reduce the country’s public deficit and boost its economic growth, Xinhua News reports. The measures include 1 percent to 2.5 percent increases in income, profit and value-added taxes, 5 percent reductions in the wages of politicians and senior public sector staff, and a reduction in the flow of money to public companies. The measures also include reduced government spending on transport, telephone and other public-sector bills.

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    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.