The prime minister of Portugal and the main opposition party leader Pedro Passos Coelho on Thursday agreed on the austerity measures of narrowing this year's budget deficit by nearly 2 billion euros as a way to avoid being in a fiscal position like Greece is in.

The measures would come from the government increasing taxes as a way to increase the government's savings. Value-added taxes might be raised to a maximum of 21% from the current 20%. More taxes will be added on banks' earnings and big corporations.