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Portuguese1 gov't announces tough budget for 2013
LISBON, Oct. 15 (Xinhua) -- The Portuguese government on Monday announced a tough budget for 2013 which highlights sharp tax hikes.
Finance Minister Victor Gaspar reiterated2 that the country has no leeway to change the basic parameters3 of the austerity budget document, "which will test the viability4 of the country."
The supplement of 4 percent will remain on income tax which will go from the current 9.8 percent to 13.2 percent and spending cuts will account for less than 20 percent of the adjustments.
The government argues that it sees no other way than to "continue austerity until the expiry of Portugal's Economic and Financial Assistance Program (PAEF) and the difficult path towards fiscal5 consolidation6 which will inevitably7 involve sacrifices for all Portuguese."
Gaspar went on to say that he is confident that Portugal will need the help of the troika "shortly."
According to Gaspar, the fiscal effort required in 2013 will amount to 4.3 billion euros (5.6 billion U.S. dollars) and will be distributed "fairly" between labor8 income and capital, and between the public and private sectors9.
He said a "comprehensive set of consolidation measures" which have an "estimated impact of 4.3 billion euros will include the partial replacement10 of Christmas holiday subsidies11 and tax revenues."
The Portuguese economy is not in danger of entering recessionary spiral, said Gaspar, stressing the importance of exports to pull the country out of the current crisis.
"So far there is no evidence for Portugal in a recessionary spiral," the minister said while presenting next year's budget in the Ministry12 of Finance in Lisbon.
"Indeed, what has happened so far is that domestic demand has contracted more than anticipated but the contribution from external trade or our export growth has been higher than expected so these two effects has been compensated," said Gaspar.
"For the future, it seems to me, this external demand factor will grow boosted by improved financing conditions of our economy that we have seen in these past few weeks where not only has the Treasury13 managed to fund itself at favorable interest rates, but also some large Portuguese companies have seen a return to the bond market," he said.
Portugal's economy will "shrink by 1 percent next year, while the unemployment rate will climb to a new high of 16.4 percent," the minister said.
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1
Portuguese
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n.葡萄牙人;葡萄牙语 | |
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2
reiterated
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反复地说,重申( reiterate的过去式和过去分词 ) | |
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3
parameters
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因素,特征; 界限; (限定性的)因素( parameter的名词复数 ); 参量; 参项; 决定因素 | |
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4
viability
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n.存活(能力) | |
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5
fiscal
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adj.财政的,会计的,国库的,国库岁入的 | |
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6
consolidation
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n.合并,巩固 | |
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7
inevitably
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adv.不可避免地;必然发生地 | |
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8
labor
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n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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9
sectors
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n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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10
replacement
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n.取代,替换,交换;替代品,代用品 | |
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11
subsidies
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n.补贴,津贴,补助金( subsidy的名词复数 ) | |
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12
ministry
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n.(政府的)部;牧师 | |
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13
treasury
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n.宝库;国库,金库;文库 | |
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