Portugal prime minister announces heavy spending cuts

Portuguese Prime Minister Pedro Passos Coelho on Sunday announced severe cuts in public spending following a decision by the constitutional court rejecting a number of austerity provisions this year’s budget.

In an address to the nation, Coelho said there would be no new tax hikes this year but that measures would be taken to “contain public spending in the areas of social security, health and education”.

via Business feed http://www.scmp.com/news/world/article/1209753/portugal-prime-minister-announces-heavy-spending-cuts