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News Summary: Portugal adopts stiff tax hikes

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The Associated Press | November 27, 2012 11:29 AM EST | AP


TAX HIKES: Portugal's Parliament on Tuesday approved unprecedented tax increases despite a broad public outcry and concerns that the latest austerity package will prolong the bailed-out country's recession.

THE VOTE: The center-right coalition government used its parliamentary majority to pass its 2013 budget. All opposition parties voted against the deficit-reduction measures, which will cost most workers the equivalent of at least a month's income next year.

THE DISSENTERS: Trade unions and business leaders complain the spending plan doesn't do enough to revive an economy that's headed into a third straight year of recession. Hundreds protested against the budget outside the parliament building in Lisbon.