NYTIMES/ Socialist Prime Minister Jose Socrates is trying to reassure the EU and markets that his government can reduce last year's 9.3% budget deficit BELOW the mandated 3% ceiling in 3 years and that Portugal is NOT another Grecian threat to euro stability. But he is under intense political pressure because his party lacks a majority. Socrates said his nation was experienced in reform and had carried out “very serious” structural changes by reducing the public sector, raising the retirement age and changing the social security system.
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