Portugal's Socialist government approved guidelines of a long-term budget austerity plan on Saturday, but will release details sought by markets demanding commitment to deficit and debt cuts, only next week.

Markets have been skittish about Lisbon's large budget deficits since Greece's fiscal crisis erupted. Concer focuses on sharply rising debt servicing costs due to the impact of the deep economic slowdown.

Speaking after an extraordinary cabinet meeting that lasted more than five hours, State Secretary for Cabinet Joao Silveira said the programme combined public spending cuts with fiscal stability, but did not elaborate.

Silveira said in televised remarks the plan would now be put to discussion with political parties and social partners, in the course of which some detail should be made public.

Prime Minister Jose Socrates has already set meetings for Monday with all opposition parties, unions and business groups to discuss the plan in a bid to show a concerted national effort to repair public finances and win broad support for the plan.

The government has previously said it was considering legally binding spending limits, wage moderation and possibly cutting personal and company tax breaks to raise extra revenues, but ruled out any direct tax hikes.

Portugal's largest union, the 725,000-strong CGTP, has threatened more strikes following last Thursday's civil servants' walkout if the government extends wage freezes in the public sector beyond this year.

The long-term plan, which is required under the European Union's so-called stability and growth programme, aims to cut the budget deficit to below 3 percent of gross domestic product by 2013, from 9.3 percent last year.

(Reporting by Andrei Khalip; editing by Ralph Boulton)