More growth, more jobs: Portugal's Socialists make big promises before election

Portugal's main opposition Socialist Party is promising to deliver more growth and less austerity if it regains power in October elections.

The center-left Socialists have said they intend to abide by fiscal discipline rules governing countries sharing the euro currency. But party leader Antonio Costa says the center-right government of the past four years cut too deep after Portugal's 78 billion-euro ($86 billion) bailout in 2011.

The Socialists said Wednesday they will boost the economy — and create around 200,000 new jobs — by temporarily lowering social security taxes. That, they say, will fuel an increase in private consumption.

Due to the lower tax, the budget deficit will fall below 3 percent of gross domestic product — a eurozone requirement — only in 2017 under the Socialists.