te on the 2012 budget, the Portuguese government announced the withdrawal of holiday and Christmas bonuses for civil servants, 30 minutes extra work per day, in the private sector as well, the cancellation of some bank holidays, and the reinstatement of the three VAT levels. The budget announced as a “fiscal shock” should reveal other austerity measures imposed by the financial and economic support program negotiated with the European Union and the IMF in return for a EUR 78 billion loan. (Re
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