Portugal president calls state council on budget

LISBON, Oct 27 (BestGrowthStock) – Portuguese President Anibal
Cavaco Silva has called a meeting of the state council, an organ
which offers him advice on key political matters, on Oct. 29 to
discuss the 2011 budget, his office said on Wednesday.

“The President has called a meeting of the state council on
Oct. 29 at 1600 GMT… to discuss the 2011 bugdet and the
political situation,” the president’s office said in a
statement.

Earlier on Wednesday talks between the minority Socialist
government and the main opposition Social Democrats (PSD) ended
crucial talks on the austere 2011 budget without an agreement.

Failure to reach agreement on the budget could lead the PSD
to vote against the budget in parliament, blocking its passage,
and potentially causing a political crisis and sharply higher
borrowing costs.

(Reporting by Shrikesh Laxmidas; editing by Axel Bugge)

Portugal president calls state council on budget