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LISBON (Dow Jones)--Portugal's government is proposing a new series of structural reforms aimed at supporting companies and creating more flexibility in the labor markets, several local newspapers reported Wednesday.
The government hopes to present, following a cabinet meeting, a series of measures that would provide a new mechanism to ease the cost of dismissing workers with respect to unemployment benefits, the Diario de Noticias and Diario Economico said.
The government is also looking at other measures related to the cost, licensing, and bureaucratic process that companies face, the newspaper added.
Prime Minister Jose Socrates told the New York Times it would announce new measures "to support growth and competitiveness."

-By Alex MacDonald, Dow Jones Newswires