Brutal austerity measures in Portugal

Portugal's government on Monday presented its stability and growth programme, with which it aims to reduce the public deficit to three percent of the country's gross domestic product by 2013. According to the daily Jornal de Notícias the middle classes will have to make the most sacrifices: "Twenty seven million euros per day. This is the sum we must save to reach the government's goal. ... Brutal? Without doubt. ... And above all the middle classes will suffer. Around 2.5 million taxpayers won't pay more taxes but will get less back. The truth is that this is a concealed tax increase. ... To save so much money each day requires political and social stability. The finance minister [Teixeira dos Santos] yesterday asked the opposition for this political stability, but as we all know social stability is not something that can be imposed. In the next few days we will see whether this magic number - 27 million euros per day - remains just that magical and unattainable."

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