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Portugal to see reduced fiscal burden for all: economy minister

Xinhua, September 9, 2016 Adjust font size:

Portugal's state budget for 2017 will see a reduced fiscal burden for all citizens, the country's economy minister Manuel Caldeira Cabral said Thursday.

"What I stressed yesterday is that this year and in 2017, it is forecast that there will be a reduced fiscal burden," Caldeira Cabral said during a ceremony of awards for business promotion, adding that the reduction would be nevertheless lower than expected, according to Lusa News Agency.

Portugal has adopted an anti-austerity approach since the Socialist government came into power in November 2015, despite the concerns of the European Union(EU).

Portugal had a deficit of 4.4 percent last year, well above the EU benchmark of 3.0 percent. However Prime Minister Antonio Costa has insisted that turning the page on austerity will benefit the economy, promising the budget deficit will be below 2.5 percent of gross domestic product (GDP) this year.

He has also rebuffed claims by former Prime Minister Pedro Passos Coelho that the country could be on the verge of needing a second bailout.

Portugal signed a 78-billion-euro (87.80 billion U.S. dollars) bailout in 2011 during the economic crisis. The previous administration applied harsh tax hikes and spending cuts to meet its targets. Endit