Tag Archives: 'Portuguese crisis'

“Two surreal political days”, writes PDV editor Vítor Matos

“Two surreal political days”, writes PDV editor Vítor Matos

Portugal’s government will fall, even if it limps on for a few days or weeks. The country is rushing towards the edge of the cliff and an abyss. The main members of the Government have chucked all the hard-fought successes of the last two years into the rubbish bin at the cost of the people’s suffering.

Portugal Day: “We must start preparing post-troika period”, says president

Cavaco Silva said that whoever is in government will have to be ready for the period that begins in June 2014.

Minister of finance: ‘I have broad scope for learning from my errors”

“The programme has already ensured a broad reaching budgetary structural readjustment and the programme ensured a return to the financial markets far earlier than foreseen,” said Vítor Gaspar.

Bonds: Portugal 10-year yields drop below 7%

As the government decides whether to move ahead with the sale of flag carrier TAP-Air Portugal this Thursday, interest rates on Portuguese bonds decreased due to less pressure on markets regarding the eurozone debt crisis.

Press Review – Portugal external deficit unsustainable, says European Commission

Friday, 9 November: According to newspaper Público, Brussels has warned Portugal that its external deficit is “unsustainable”, as it proves insufficient to lower the public debt accumulated abroad in the past decades.

IMF: Budgetary adjustment “imperative” and must continue

IMF Mission Chief Abebe Selassie has urged Portugal to continue its tough budget adjustment despite continued efforts over the last 18 months, and has revealed that the GDP previsions will not be revised.

Press Review – Gaspar considered stepping down and Passos threatens Portas

Wednesday, 17 October: Daily newspaper i reports that junior coalition partner CDS-PP leader has threatened to leave the government if the 2013 state budget is not altered before its approval in parliament on 31 October.

Press Review – New income tax to crush families

Friday, 12 October: All main newspapers, including Correio da Manhã, are reporting that the government’s draft budget for 2013 confirms a huge tax hike which will weigh heavily on many households, with lower incomes losing up to one monthly salary.

Press Review – Relvas helped Passos’ company gain monopoly of training for airfields

Thursday, 11 October: Daily newspaper Público reports that current Deputy Minister Miguel Relvas, when serving as secretary of state for local administration in 2004, could have favoured the firm managed by Passos Coelho before he became prime minister, as it was awarded the monopoly to oversee the training of municipal employees in regional airfields in the Centre region.

FT: EU officials claim Portugal bailout probably extended into mid-2015

In a piece reflecting the impact of austerity measures on recent elections, Financial Times Brussels correspondent Peter Spiegal draws special attention to Portugal, where he says the most unexpected shock has been for many European leaders.