After the bailout was announced, the Portuguese government headed by Pedro Passos Coelho managed to implement measures with the intention of improve the State's financial situation, including tax hikes, a freeze of civil service-related lower-wages and cuts of higher-wages by 14.3%, on top of the government's spending cuts. The Portuguese government also agreed to eliminate its golden share in Portugal Telecom which gave it veto power over vital decisions. In 2012, all public servants had already seen an average wage cut of 20% relative to their 2010 baseline, with cuts reaching 25% for those earning more than 1,500 euro per month.