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OpinionThe small price of democracy

17.06.14 @ 17:40

The Portuguese constitutional court recently rejected government spending cuts for the sixth time. In June 2012, the court stated that since a plan to limit extra holiday and Christmas pay was targeted only at public ...

Portugal's last bailout loan suspended

04.06.14 @ 09:40

The conclusion of Portugal's €78 billion EU bailout programme has hit a last minute snag after the EU and the International Monetary Fund (IMF) suspended the country's final €2.6 billion loan. The move follows a ruling ...

Portuguese court throws out 'unconstitutional' pay and pension cuts

02.06.14 @ 09:30

Portugal’s supreme court threw out cuts to welfare and public sector pay in the latest challenge to Pedro Coelho’s government. In a ruling announced on Friday night (30 May), the court stated that public sector pay cuts ...

Post EU ElectionsEU-disillusioned Portuguese see little point in voting

22.05.14 @ 09:50

Abstention looks set to be the most certain winner in Portugal's European Parliament election, with a majority of voters unlikely to bother voting on Sunday (25 May). The indifference comes after three years of ...

Post EU ElectionsBelgium, Spain, France field most senior MEPs in EU vote

19.05.14 @ 09:28

Is the European Parliament an important institution to which political heavyweights should be sent? Or is it a place for potential talent to learn the metier, away from their member state's capital? Opinions on the ...

OpinionPortugal and Greece: the odd return to markets

05.05.14 @ 10:13

In the past few weeks, Portugal and Greece have returned to the markets in moves seen in Brussels as heralding a rebound in Southern Europe. In reality, a fragile recovery has barely begun and will take years. On Sunday ...

Portugal announces 'clean exit' from EU-IMF bailout

05.05.14 @ 09:18

Portugal's Prime Minister Pedro Passos Coelho on Sunday (4 May) announced the country will exit its three-year bailout programme without any further loans, just as Ireland did six months ago. "The government has decided ...

Portugal expected to exit bailout without further loans

01.05.14 @ 09:26

Portugal in the coming days is expected to announce its exit from the EU-IMF bailout without further loans to cushion the transition, with the government reaffirming Wednesday (30 April) its commitment to reduce the ...

InvestigationTroika consultancies: A multi-million euro business beyond scrutiny

16.12.13 @ 09:23

Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European. But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced ...

FocusIf you build it, will they come?

18.10.13 @ 10:23

As EU-backed projects go, the hydroelectric Alqueva dam in Portugal looks mighty impressive. The dam was initially opened in 2002 with the help of €203 million of EU funding, and currently has a capacity of 259 ...

FocusBeja airport: A runway to nowhere?

11.10.13 @ 08:52

From the outside, Beja international airport looks clean and snazzy. Inside, the six check-in desks, car rental services and tourist information office are all ready to serve you. However, there is one problem. For the ...

Portuguese top court strikes again

30.08.13 @ 09:29

Portugal's Constitutional Court has for the third time thwarted bailout-related laws, this time overturning a decision making it easier for public sector workers to be fired. The government had passed a bill on “public ...

OpinionThe erosion of southern Europe

28.08.13 @ 09:22

The second quarter GDP figures for the Euro-area economies indicated growth, for the first time in 18 months. Some fund managers and market observers argue that positive new developments could unleash a long-term rally ...

Portugal and Greece highlight eurozone fragility

04.07.13 @ 09:18

Political turmoil in Portugal and concerns about the pace of reform in Greece have raised fears that the eurozone crisis may be about to reignite. Nervous markets pushed up borrowing costs in Portugal to a painful 8 ...

Portuguese government at risk of collapse over austerity

03.07.13 @ 09:35

The Portuguese government is on the brink of collapse after foreign minister Paulo Portas handed in his resignation, just 24 hours after finance minister Vitor Gaspar gave in his notice. Gaspar, whose replacement, Maria ...

Portuguese finance minister quits

02.07.13 @ 09:25

Portugal’s finance minister and one of the chief architects behind its €78 billion bailout tendered a surprise resignation on Monday (1 July) in the face of widespread opposition to austerity-driven policies. In his ...

MEPs slam Rehn over economic policy

26.04.13 @ 10:29

EU economic affairs commissioner Olli Rehn faced a sustained verbal shellacking on Thursday (25 April), with MEPs on both the left and the right finding fault with his policy-making. Rehn, who was speaking at a hearing ...

Bundestag approves Cyprus bailout

18.04.13 @ 15:12

The German Parliament on Thursday (18 April) approved with a large majority a €10 billion EU and International Monetary Fund bailout for Cyprus. They also backed a request to give seven extra years for Ireland and ...

Austria attacks UK, as EU finance talks get ugly

12.04.13 @ 09:28

Austria has accused the UK of being a haven for money launderers ahead of an EU meeting in Dublin, with Cyprus, Ireland, Portugal and Slovenia's (potential) bailout needs also on the agenda. The Austrian finance ...

Portuguese PM speaks of 'national emergency' after court ruling

08.04.13 @ 09:28

Portuguese Prime Minister Pedro Passos Coelho has warned that Portugal risks "collapse," a euro exit or a second bailout after a court ruling which deleted €1.3 billion of austerity measures in this year's budget. ...

Ireland and Portugal set for debt deferral

06.03.13 @ 09:50

Ireland and Portugal are to be given more time to repay their emergency loans with both countries seen as good pupils in following the imposed austerity programme. An EU finance ministers meeting Tuesday (5 March) noted ...

Euro has weathered debt storm, Barroso says

04.01.13 @ 09:24

Business investors are confident the eurozone has weathered the worst of the sovereign debt crisis, according to European Commission chief Jose Manuel Barroso. In a speech given to Portuguese diplomats in Lisbon on ...

Portugal seeks court inquiry into 'unjust' debt deal

03.01.13 @ 09:29

Portugal's President has called into question the viability of his country's austerity programme. Cavaco Silva said in his New Year's speech this week that he would request an inquiry from the country's top court on ...

Spain to get bank bailout next week

04.12.12 @ 09:27

Eurozone finance ministers agreed Monday (3 December) that €39.5 billion will be paid to prop up Spain's banks. Speaking with reporters after the meeting, Jean Claude Juncker, who chairs the 17 member Eurogroup, stated ...

FocusDisability and EU austerity: a Portuguese case study

23.11.12 @ 10:02

Cristina Silva believes the worst is over. But she cannot be sure. As executive director of a recuperation centre for disabled people in central Portugal, Silva has seen first hand how the economic crisis in Portugal is ...

Merkel wants to 'bring hope' to Portugal

12.11.12 @ 22:05

German Chancellor Angela Merkel has confronted the ire of exasperated Portuguese, but maintained that "painful reforms" are the only way out of the crisis and that the government in Lisbon is doing all the right things. ...

Study: Greek euro-exit could start €17tn 'wildfire'

18.10.12 @ 09:24

The nightmare scenario of Greece, Italy, Portugal and Spain leaving the euro could cost the world economy €17 trillion, a new study says. The figure - totted up by German consultancy Prognos for the Berlin-based ...

OpinionJobless youth - southern Europe's ticking time bomb

04.10.12 @ 12:19

As Europe hangs on every public statement about the possibility of more bailouts from the European Central Bank or German Chancellor Angela Merkel, some investors don't see the wood for the trees. The focus on short- ...

Portugal unveils tax hikes to meet EU bail-out demands

04.10.12 @ 10:40

Portugal's centre-right government unveiled across-the-board tax hikes on Wednesday (3 October) to ensure the country meets debt and deficit targets required under the terms of its bailout. Finance minister Vitor Gaspar ...

Portugal in crisis after 1mn say No to austerity

20.09.12 @ 09:48

Portugal is facing a massive backlash against troika-approved austerity measures to raise social contributions for employees. Portuguese President Anibal Cavaco Silva is on Friday (21 September) to convene a rare ...

Economic gloom poses problems for bailed-out countries

29.08.12 @ 09:46

Recession-hit Portugal is likely to miss its deficit target this year, the troika of international lenders is expected to conclude next month following its return to Lisbon on Tuesday (28 August) to take stock of the ...

Portuguese head breaks ranks, urges ECB bond-buying

10.08.12 @ 09:29

Portugal's President Anibal Cavaco Silva has broken the government's tacit pro-German line and urged the European Central Bank (ECB) to start buying bonds from troubled eurozone countries. "Why not have the ECB start ...

FocusSpain and Portugal: from tyrants to toleration

05.06.12 @ 09:53

On a map of Europe where green is gay-friendly and red is not, an olive-coloured peninsula in the west brings a little variety to an otherwise yellowish south. Both Spain and Portugal, in a little over one generation, ...

EU 'surprised' by Portugal's unemployment rate

03.04.12 @ 19:04

The EU commission on Tuesday (3 April) praised Portugal for its austerity measures and said unemployment benefits had to be further cut even though the percentage of jobless people was "surprisingly" higher than ...

VideoBelgian unions show solidarity with Greeks

15.02.12 @ 15:36

On Friday 10th February, Greek unions in Athens held a 48-hour general strike after the country's cabinet passed a package of austerity measures demanded by the "troika". To show solidarity, a selection of ...

Germany promises Portugal 'programme adjustment' after Greece

10.02.12 @ 11:00

German finance minister Wolfgang Schauble on Thursday was caught on tape promising Portugal an adjustment to its programme after a deal with Greece is sealed, the first time an EU minister has publicly spoken of such ...

FocusBarroso launches Portuguese Capital of Culture against backdrop of budget cuts

24.01.12 @ 17:16

Portuguese city Guimaraes launched the start of its year as European Capital of Culture (ECOC) on Saturday (21 January) against a backdrop of budget cuts which threaten to derail the success of the event. The city ...

Anti-austerity general strike shuts down Portugal

25.11.11 @ 10:13

Much of Portugal was paralysed on Thursday (24 November) as a general strike against EU-IMF austerity shut down most of the country’s transport networks and public services. Most flights in and out of the holiday ...

No second bail-out for Portugal, says PM

10.11.11 @ 18:21

Portugal has announced it will not seek a second bail-out, the country's new conservative prime minister has declared. “We will not ask for a new aid programme. Neither for more money, nor for more time,” conservative ...

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