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Portugal parliament approves amendment budget

08-04-2011 16:27 BJT

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Portugal's parliament has approved an amendment to its 2011 budget, in an attempt to safeguard financial stability.

Portuguese Finance Minister Vitor Gaspar said, "The government has made a commitment to facilitate the issue of bonds that will guarantee the amount of 35 billion euros, and to increase the mechanism of support of the bank solvency up to 12 billion euros."

The finance minister made the remarks before more than 200 lawmakers on Wednesday. He said the goal of the changes proposed by the government is to safeguard financial stability, and to recommend a mechanism that allows the system to react in a robust and resilient way in case there are shocks.

The amendment passed although the Communist and Socialist parties voted against the measures. He noted the government will present a second budget amendment in October. Portugal received a bailout for 78 billion euros from the EU and the IMF earlier this year. Under the terms of the bailout, Portugal has to cut its budget deficit in 2011 and take steps to make its ailing economy more competitive.



Editor:Zhang Jingya |Source: CNTV.CN

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