Portugal's constitutional court rejects 2013 budget measures by €1Bn

FXstreet.com (San Francisco) - The Portuguese constitutional court has rejected some austerity measures listed in the 2013 budget. The court considers cuts on public workers and pensioners paycheck, unemployment subsidy and sickness benefit as illegal as this measures are unconstitutional.

The court upholds measures on solidarity tax on pensions and tax brackets with the largest austerity impact. The invalidates measures worth by €1Bn.

Portuguese Prime Minister Pedro Passos Coelho will hold an extraordinary Council of Ministers on Saturday at 14 GMT.