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Portugal In Crisis
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Portugal In Crisis
bb1 Wed Jul 03, 2013 10:20 am
http://news.sky.com/story/1110946/markets-fall-amid-portugal-political-crisis
Markets Fall Amid Portugal Political 'Crisis'
Growing opposition to Portugal's bailout reforms could force the government out of office, sparking uncertainty over its economy.
European stock markets have taken a tumble as the survival of Portugal's coalition government is thrown into doubt.
Portuguese share prices plummeted 6% in early trading on Wednesday and other major bourses, including the FTSE 100, fell sharply amid growing uncertainty that the recession-hit country's bailout reform agenda can remain on track.
Foreign Minister Paulo Portas resigned on Tuesday night, a day after the shock departure of Finance Minister Vitor Gaspar.
Prime Minister Pedro Passos Coelho has defied calls to follow suit but the resignations at the top of the government have left investors digesting concerns over not only the coalition but Portugal's ability to pursue the austerity measures demanded by creditors.
Portugal is implementing the savings in return for continued support on its 78 billion euros (£66bn) international bailout but there has been a fierce public backlash against the austerity drive in what is one of the poorest countries that uses the euro.
The yield on Portugal's benchmark 10-year bond spiked well above 7% - another sign of unease - with a 10-year borrowing rate of about 8% widely considered unsustainable.
Spanish and Italian yields jumped too while nervousness over the state of Greece's next tranche of bailout money also caused jitters.
"With disorder and uncertainty over the political situation in Egypt threatening stability in the Middle East, and a Greek deadline looming to prove it can action its bailout conditions before receiving the next tranche of aid, volatility is likely to be high," Mark Ward, head of trading at Sanlam Securities, said.
It came after Asian stock markets had dropped overnight as official figures showed that growth in China's services sector sagged to its weakest pace in nine months in June, adding to signs of a slowdown in the world's second-largest economy.
Markets Fall Amid Portugal Political 'Crisis'
Growing opposition to Portugal's bailout reforms could force the government out of office, sparking uncertainty over its economy.
European stock markets have taken a tumble as the survival of Portugal's coalition government is thrown into doubt.
Portuguese share prices plummeted 6% in early trading on Wednesday and other major bourses, including the FTSE 100, fell sharply amid growing uncertainty that the recession-hit country's bailout reform agenda can remain on track.
Foreign Minister Paulo Portas resigned on Tuesday night, a day after the shock departure of Finance Minister Vitor Gaspar.
Prime Minister Pedro Passos Coelho has defied calls to follow suit but the resignations at the top of the government have left investors digesting concerns over not only the coalition but Portugal's ability to pursue the austerity measures demanded by creditors.
Portugal is implementing the savings in return for continued support on its 78 billion euros (£66bn) international bailout but there has been a fierce public backlash against the austerity drive in what is one of the poorest countries that uses the euro.
The yield on Portugal's benchmark 10-year bond spiked well above 7% - another sign of unease - with a 10-year borrowing rate of about 8% widely considered unsustainable.
Spanish and Italian yields jumped too while nervousness over the state of Greece's next tranche of bailout money also caused jitters.
"With disorder and uncertainty over the political situation in Egypt threatening stability in the Middle East, and a Greek deadline looming to prove it can action its bailout conditions before receiving the next tranche of aid, volatility is likely to be high," Mark Ward, head of trading at Sanlam Securities, said.
It came after Asian stock markets had dropped overnight as official figures showed that growth in China's services sector sagged to its weakest pace in nine months in June, adding to signs of a slowdown in the world's second-largest economy.
bb1- Slayer of scums
- Location : watcher on the wall
Join date : 2011-06-24
Re: Portugal In Crisis
Pedro Silva Wed Jul 03, 2013 11:29 am
The former Minister of State for Foreign Affairs, Paulo Portas presented on Tuesday-his resignation to the Prime Minister, Pedro Passos Coelho, due to disagreement with the choice of the person (Maria Luís Albuquerque) for the place of Vitor Gaspar at the Ministry of Finance.
http://www.publico.pt/politica/noticia/portas-demitese-do-governo-1599014
Paulo Portas resigns from Government unhappy with solution for Finance
Leader of CDS has resigned just before the hour set for Maria Luis Albuquerque take possession.
The Minister of State for Foreign Affairs, Paulo Portas, presented on Tuesday-his resignation to the Prime Minister, Pedro Passos Coelho, disagrees with the solution to replace Vitor Gaspar at the Ministry of Finance.
The dismissal was upheld by the PUBLIC and has caught most of the leaders of the CDS, even the closest collaborators of doors.
Disagreements with Passos Coelho on the appointment of Maria Luis Albuquerque led to the exit. Doors did not agree with the solution found by Steps for Finance, as the point of view of political symbolism, the choice of Maria Luis Albuquerque meant that the Prime Minister himself took the Finance portfolio in the political, which skewed the power within the coalition.
However, the PUBLIC knows that the decision to resign was taken by Paulo Portas on Tuesday morning. Last night, CDS met the national council and the spirit that the leader of the centrist forwarded to peers was that he was willing to keep the unity of the Government to the exit of the troika.
In a statement, Paulo Portas confirms the dismissal and disputes the choice of Maria Luis Albuquerque for the finance minister, after the departure of Vítor Gaspar, who had, stresses, "known political differences." For the leader of the CDS, the output Gaspar would "open a different economic and political cycle."
"The choice made by the Prime Minister would therefore be especially careful and consensual (...) I expressed, in time, this point of view to the prime minister, who, nonetheless, confirmed his choice [of Maria Luísa Albuquerque]. Consequently, and in view of the critical importance of the Ministry of Finance, the Government would be an act of deception. politically not sustainable, nor is personally required, "the statement said.
The resignation of Paulo Portas seriously compromises the continuity of government, since the departure of coalition partner leaves not only weakened the executive, but without a majority in parliament.
The other two ministers CDS - Pedro Mota Soares and Assumption Ridges - has not taken any public position, it is not clear whether they will resign. The CDS awaits communication Passos Coelho of the country, at 20h.
On the afternoon of Tuesday, the President removed the possibility to dismiss the Prime Minister, stating that the Government is answerable to Parliament - to the PUBLIC found, Cavaco still did not know the resignation of Paul Gates when he spoke to journalists .
The announcement of the resignation of Portas occurred half an hour before Maria Luis Albuquerque take over as Minister of Finance.
Paulo Portas had on hand at the moment preparing the script for the reform of the state that was to be presented on the 15th of this month.
http://www.publico.pt/politica/noticia/portas-demitese-do-governo-1599014
Paulo Portas resigns from Government unhappy with solution for Finance
Leader of CDS has resigned just before the hour set for Maria Luis Albuquerque take possession.
The Minister of State for Foreign Affairs, Paulo Portas, presented on Tuesday-his resignation to the Prime Minister, Pedro Passos Coelho, disagrees with the solution to replace Vitor Gaspar at the Ministry of Finance.
The dismissal was upheld by the PUBLIC and has caught most of the leaders of the CDS, even the closest collaborators of doors.
Disagreements with Passos Coelho on the appointment of Maria Luis Albuquerque led to the exit. Doors did not agree with the solution found by Steps for Finance, as the point of view of political symbolism, the choice of Maria Luis Albuquerque meant that the Prime Minister himself took the Finance portfolio in the political, which skewed the power within the coalition.
However, the PUBLIC knows that the decision to resign was taken by Paulo Portas on Tuesday morning. Last night, CDS met the national council and the spirit that the leader of the centrist forwarded to peers was that he was willing to keep the unity of the Government to the exit of the troika.
In a statement, Paulo Portas confirms the dismissal and disputes the choice of Maria Luis Albuquerque for the finance minister, after the departure of Vítor Gaspar, who had, stresses, "known political differences." For the leader of the CDS, the output Gaspar would "open a different economic and political cycle."
"The choice made by the Prime Minister would therefore be especially careful and consensual (...) I expressed, in time, this point of view to the prime minister, who, nonetheless, confirmed his choice [of Maria Luísa Albuquerque]. Consequently, and in view of the critical importance of the Ministry of Finance, the Government would be an act of deception. politically not sustainable, nor is personally required, "the statement said.
The resignation of Paulo Portas seriously compromises the continuity of government, since the departure of coalition partner leaves not only weakened the executive, but without a majority in parliament.
The other two ministers CDS - Pedro Mota Soares and Assumption Ridges - has not taken any public position, it is not clear whether they will resign. The CDS awaits communication Passos Coelho of the country, at 20h.
On the afternoon of Tuesday, the President removed the possibility to dismiss the Prime Minister, stating that the Government is answerable to Parliament - to the PUBLIC found, Cavaco still did not know the resignation of Paul Gates when he spoke to journalists .
The announcement of the resignation of Portas occurred half an hour before Maria Luis Albuquerque take over as Minister of Finance.
Paulo Portas had on hand at the moment preparing the script for the reform of the state that was to be presented on the 15th of this month.
Pedro Silva- Slayer of scums
- Join date : 2011-06-26
lily- Slayer of scums
- Join date : 2011-06-24
Re: Portugal In Crisis
Pedro Silva Wed Jul 03, 2013 11:37 am
My friends, this was taken from The Portugal News newspaper:
http://www.theportugalnews.com/news/government-hangs-by-a-thread-as-coalition-leader-quits/28759
also taken from Algarve Resident newspaper:
http://www.algarveresident.com/0-53816/algarve/ministers-resignation-nail-in-the-governments-coffin
http://www.theportugalnews.com/news/government-hangs-by-a-thread-as-coalition-leader-quits/28759
also taken from Algarve Resident newspaper:
http://www.algarveresident.com/0-53816/algarve/ministers-resignation-nail-in-the-governments-coffin
Pedro Silva- Slayer of scums
- Join date : 2011-06-26
Re: Portugal In Crisis
bb1 Wed Jul 03, 2013 12:35 pm
Many thanks, Pedro, it must be a great worry to ordinary Portuguese people?
bb1- Slayer of scums
- Location : watcher on the wall
Join date : 2011-06-24
Re: Portugal In Crisis
Pedro Silva Wed Jul 03, 2013 1:48 pm
About: "it must be a great worry to ordinary Portuguese people?", for some, probably is, but, because I never voted in passos Coelho, this is no surprise to me.
Pedro Silva- Slayer of scums
- Join date : 2011-06-26
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