As reported late on Friday, just as the market closed, the Portuguese constitutional court decided that several provisions of the country's 2013 budget were not constitutional. According to the high court, cuts in wages and pensions of public employees were unfair ... because they targeted only the public sector....
A solution has, luckily, presented itself: bypass the unconstitutional provisions by paying government workers not in cash, but in government bills!
Zero Hedge
Portugal Considers Paying Public Workers In Treasury Bills Instead Of Cash Submitted by Tyler Durden