Portugal’s main opposition party backs government austerity

LISBON (BestGrowthStock) – Portugal’s main opposition party supports the government’s austerity plan and hopes to reach a joint pact soon that may allow to cut this year’s budget gap by an additional 1 percentage point to soothe investor concerns.

Pedro Passos Coelho, the new leader of the Social Democratic Party (PSD), told Reuters the PSD sought to guarantee Portugal’s financial and political stability while investors scrutinize the country’s public finances following Greece’s debt crisis.

“The PSD says with all the clarity — what is written in the growth and stability program, with those measures or with alternative measures — is to be fulfilled,” Passos Coelho, who was elected last month, said in an interview late on Thursday.

“The PSD is very committed to stability in Portugal in the next few years … We want to win the next elections, but we are not in a hurry (to come to power),” he said.

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Portugal’s main opposition party backs government austerity