Portugal's prime minister has announced a new batch of austerity measures, including an additional tax on private income this year, as the country struggles to break free of its ruinous debt burden, AP reported. Portugal's high debt load and frail economy have alarmed investors who have demanded unsustainably high returns for loans, forcing it to take a recent ¤78 billion ($113 billion) international bailout. The budget deficit stood at 7.7 percent of gross domestic product in the first quarter _ way off the target of 5.9 percent for this year _ despite a year of belt-tightening that included unpopular tax hikes and welfare cuts. Prime Minister Pedro Passos Coelho said Thursday he would also begin privatizing state companies in the third quarter. -- SPA
