Portugal's Finance Minister Vitor Gaspar announces the new austerity measures during a press conference at the Finance Ministry in Lisbon, Oct. 3, 2012. Vitor Gaspar announced Wednesday a raft of drastic increases in personal income tax, one of the largest tax increases in Portugal's history, aimed to meet deficit reduction goals set by international lenders for the rescue of the country's debt crisis. (Xinhua/Zhang Liyun)

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Portuguese gov't announces new austerity measures

LISBON, Oct. 3 (Xinhua) -- Portugal's finance minister announced Wednesday a raft of drastic increases in personal income tax, one of the largest tax increases in Portugal's history, aimed to meet deficit reduction goals set by international lenders for the rescue of the country's debt crisis.

Vitor Gaspar announced the new austerity measures during a press conference at the Finance Ministry, revealing changes to the income tax offsetting a proposed civil servant pay cuts and a 1.1 percent allowance for pensioners and the retired.  Full story

Portugal's Finance Minister Vitor Gaspar announces the new austerity measures during a press conference at the Finance Ministry in Lisbon, Oct. 3, 2012. Vitor Gaspar announced Wednesday a raft of drastic increases in personal income tax, one of the largest tax increases in Portugal's history, aimed to meet deficit reduction goals set by international lenders for the rescue of the country's debt crisis. (Xinhua/Zhang Liyun)