FXstreet.com (Barcelona) - German Finance Minister Wolfgang Schaeuble said in a radio interview on Monday that Portugal should come up with a new set of austerity measures, after the country’s high court rejected parts of the plan put forward by the Portuguese government, deeming them illegal.

“Portugal has made lots of progress in the last year to gain access to financial markets,” the German finance minister said. “But after this (constitutional court) decision it will have to find new measures.”

Portuguese Prime Minister Pedro Passos Coelho has already announced plans of carrying out cuts in health and education spending, in order to meet the targets set by the Troika and avoid asking for a second rescue package. He assured however that no new tax hikes would be introduced in 2013.