Portugal's anti-austerity budget provokes Brussels showdown

...

The commission announced it would hold a special meeting on Friday afternoon to decide whether Portugal's 2016 budget -- submitted three months late after protracted post-election coalition negotiations -- would be rejected. If it is, it would mark the first time a eurozone government has had its spending plan vetoed by Brussels since the new crisis-era rules went into effect in 2011.

...

Under eurozone rules, a country that misses its deficit target must at least demonstrate it is undertaking significant economic reforms. But the Portuguese budget reins back such measures, prompting a warning from Brussels that its efforts were "well below" target.