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Bonds News

Portugal PSD to allow parl't approval of austerity plan

LISBON, March 25 (Reuters) - Portugal’s largest opposition party PSD will abstain in Thursday’s vote on a resolution of support for the government’s long-term budget austerity plan, which should allow the ruling Socialists to pass the document.

Manuela Ferreira Leite, the leader of the centre-right Social Democrats (PSD), told reporters the party agreed with the general goals of the programme, which aims to cut the budget deficit to 2.8 percent of gross domestic product by 2013 from last year’ 9.3 percent.

Still, she said the PSD does not pre-commit itself to individual measures of the plan. The PSD has 81 seats in the 230-seat parliament, while the ruling Socialists have 97 seats. (Reporting by Daniel Alvarenga, writing by Andrei Khalip)

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