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The Euro hit its lowest level in 5 months after Portugal reported it would record a higher-than-expected budget deficit of 9.3% of GDP for 2009. The EU had projected it with an 8% budget deficit for 2009. Portugal has been given until 2013 to bring its deficit below the required 3% of GDP level.
Setting its 2010 budget, it said government wages would be frozen and payrolls reduced through attrition. It also planned to introduce a 50% tax on bonuses paid in 2010 to top executives in financial institutions and to resume privatizations of state assets.
