Portugal parliament approves 2013 austerity budget

Portugal’s parliament gave final approval on Tuesday to a next year budget which promises a third year of recession and the biggest tax hikes in modern history to ensure international bailout terms are met.

Lawmakers from the ruling Social Democrats and their junior coalition partners from the rightist CDS voted for the bill, ensuring passage thanks to their parliamentary majority, but all the other parties vote against.

“The government is aware of the difficulties we have to overcome,” Finance Minister Vitor Gaspar told parliament before the vote.

via Business feed http://www.scmp.com/business/economy/article/1092487/portugal-parliament-approves-2013-austerity-budget