Portuguese Prime Minister Pedro Passos Coelho faces a Constitutional Court ruling on the legality of some elements in this year’s budget that may challenge the government’s ability to meet deficit targets. President Anibal Cavaco Silva and different political groups asked the court in January to review some points of the budget, including taxes on pensions. Finance Minister Vitor Gaspar on Oct. 3 announced an “enormous” increase in taxes on wages and other income for 2013. He also plans to cut spending by about 4 billion euros ($5.2 billion) in the three years through 2015. No date is set for the ruling, and no-one ... (full story)