Portuguese Prime Minister Warns Citizens to Expect More Austerity

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By Douglas A. McIntyre Updated Published
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After a battle between Portugal’s top court and its central government over the constitutionality of certain austerity measures, the prime minister says he will pursue any legal means he can to cut deficits. This, and this alone, will give him near-term access to bailout funds he needs to keep his nation solvent.

As the next series of austerity cuts begins, Portugal’s weary citizens were told to brace themselves again. According to The New York Times:

On Sunday, Prime Minister Pedro Passos Coelho warned his citizens to prepare for more hardship as his government would impose deeper spending cuts in areas like health and education to compensate for some austerity measures struck down by the country’s constitutional court.

While Mr. Passos Coelho’s determination to stick to the austerity script won immediate praise from Brussels, creditors are due back in Lisbon in coming weeks to assess just how far Portugal’s budgetary planning has been derailed by the court ruling.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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