Portugal Bailout Terms Likely to Cause Recession
A three-year agreement was reached for a bailout for Portugal, Prime Minister Jose Socrates announced late Tuesday, but the terms are harsh.
Portugal Relents, Asking EU, IMF for Aid
n a reversal of his previous position, Jose Socrates, caretaker prime minister of Portugal, asked for financial help for the country on Wednesday.
Moody’s Cuts Portugal’s Rating, Saying Bailout Need Is Urgent
Despite an auction result that bought time for Portugal as that nation seeks to avoid a bailout and resolve its debt issues independently, Moody’s Investors Service on Tuesday cut Portugal’s sovereign debt rating one more notch to Baa1.
Portugal’s Socrates Still Heads Socialists, Will Oppose Bailout in Election
Jose Socrates, who resigned as prime minister of Portugal after austerity measures proposed by his Socialist party were defeated in a parliamentary vote, was reelected on Sunday by his party with 93% of the vote. He pledged to run in opposition to acceptance of a financial bailout.
Portugal Suffers Ratings Cuts, but Not Expected to Seek Bailout
The same day that Portugal's prime minister resigned, Fitch on Thursday cut the nation’s credit rating by two notches, and S&P followed on Friday with a two-notch ratings cut.
Portugal Government Collapses as Austerity Measures Rejected; EU Meets
As expected, the Portuguese parliament voted down fresh austerity measures on Wednesday, and Jose Socrates resigned as prime minister. However, he said that he would still attend the European Union (EU) summit meeting convening Thursday in a caretaker role.
Portugal Austerity Vote May Cause Government Collapse
The minority Socialist government of Portugal may collapse if austerity measures are defeated in a vote later on Wednesday, as is currently expected.
Portugal, Ireland Debt Problems Still Haunt Euro Zone
In the midst of turmoil in the Middle East and North Africa and worries over Japan, the euro zone’s debt crisis has not gone away, merely dropped out of the headlines for a bit.
Portugal Says It Doesn’t Need Aid, Criticizes EU Partners
Portugal insisted it doesn't need a bailout and criticized its European partners on Tuesday for not doing enough to shield the euro from a debt crisis that has already forced Greece and Ireland to seek outside help.
Portuguese Parliament Passes Austerity Budget
Portugal passed a tough austerity budget for 2011 on Friday, in a bid to cut the country's deficit to 4.6% of GDP in 2011. The 2011 budget raises the value added tax (VAT) from 21% to 23%, cuts civil servant wages by 5%, and slashes public spending.