Portugal is to face austerity measures imposed by Brussels under threat of punitive sanctions, making it the first country to lose control over tax and spending policy as a result of joining the euro, the Telegraph reported. The European Commission on Thursday said that it was legally obliged to take action against Portugal after it emerged that the country's budget deficit was far above the 3 per cent of GDP limit established by the EU's Growth and Stability Pact.
The shock figures wer...
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