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Portugal adds growth plan to austerity measures

Portugal adds growth plan to austerity measures

Portugal's government says it will offer tax breaks to investors as the bailed-out country looks for ways to spur growth while continuing to cut the national debt through austerity measures.
Portugal pledged to cut its heavy debt load in return for a 78 billion euro ($101 billion) financial rescue two years ago. But tax hikes and pay cuts have contributed to a sharp economic downturn, and the country is forecast to post a third straight year of recession in 2013. Unemployment has climbed to 17.7 percent and is expected to keep rising.
Under mounting pressure to introduce growth measures, Finance Minister Vitor Gaspar said Thursday "the time has come to start investing."
The incentives include making private investments of up to 5 million euros tax-deductible.


Updated : 2021-05-07 22:12 GMT+08:00