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Portuguese PM Socrates had promised to resign if the austerity budget is rejected (Photo: Consilium)

Portugal and Ireland inch closer to financial disaster

Some of the weakest members of the eurozone are seeing their financial problems deepen, with Portugal failing to push through an austerity budget and Ireland saying it has to make further cuts.

Portugal's minority government on Wednesday (27 October) failed to reach agreement on the budget, with the main opposition party, the centre-right Social Democrats (PSD) formerly led by European Commission President Jose Manuel Barroso, walking out of talks.

Markets reacted nervously - the ...

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Portuguese PM Socrates had promised to resign if the austerity budget is rejected (Photo: Consilium)

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