Arab Today, arab today portugal government battles for survival
Last Updated : GMT 11:03:24
Arab Today, arab today
Arab Today, arab today

Portugal government battles for survival

Arab Today, arab today

Arab Today, arab today Portugal government battles for survival

Lisbon - AFP

Portugal\'s leaders scrambled to save their coalition government Thursday after being torpedoed by top resignations over the austerity policies squeezing the bailed-out nation. Financial markets rallied, however, after Prime Minister Pedro Passos Coelho said during a visit to Berlin on Wednesday that he was \"convinced\" he could maintain government stability despite his finance and foreign ministers saying they were quitting. Markets had plunged after Foreign Minister Paulo Portas said Tuesday he was resigning, a day after the shock departure of finance minister Vitor Gaspar. European Central Bank chief Mario Draghi sought to soothe market nerves, saying Portugal\'s economy was \"in safe hands\" with Gaspar\'s successor, Maria Luis Albuquerque. The Portuguese reform process has been a \"painful route and the results achieved have been quite significant, remarkable, if not outstanding,\" Draghi told a news conference in Frankfurt. The Portuguese stock market\'s PSI-20 index showed a gain of 3.92 percent to 5,441.85 points in afternoon trade on Thursday, after plunging 5.31 percent the previous day. Pressure on the bond market eased, too, with the Portuguese benchmark 10-year government bond yield sliding to 7.40 percent in the afternoon, having spiked to 8.106 percent Wednesday. The foreign minister\'s resignation had threatened to sink the government because Portas is also leader of the junior partner in the governing coalition, the small conservative CDS-PP party, But the prime minister, desperate to hold together a coalition led by his Social Democratic Party, refused to accept Portas\'s resignation. The prospect of a deal then emerged when the CDS-PP leadership asked Portas to meet with the premier to find \"a viable solution for the government of Portugal\". The prime minister and his foreign minister held their second round of talks in two days Thursday morning in a \"very positive atmosphere\", the premier\'s office said. Passos Coelho was reportedly hoping to be able to present a solution for the government to President Anibal Cavaco Silva at a meeting scheduled for later in the day. Portuguese newspapers said the prime minister may reshuffle the cabinet to give Portas the post of deputy premier in charge of the economy. Socialist opposition leader Antonio Jose Seguro had urged the Portuguese president to call snap elections in a meeting Wednesday. European Union leaders, fearing a resurgence in tension in the eurozone\'s debt-laden periphery, pressed Lisbon to resolve the crisis. \"The political situation should be clarified as soon as possible,\" the European Commission\'s Portuguese president, Jose Manuel Barroso, said Wednesday. The government has imposed unpopular spending cuts and tax rises under the 2011 bailout deal agreed with its \"troika\" of creditors, the European Commission, the European Central Bank and the International Monetary Fund. The austerity measures have plunged Portugal into a deeper recession with higher unemployment than had been expected, sparking mass protests and strikes. In his resignation letter, Portas said he disapproved of the prime minister\'s naming of Treasury Secretary Maria Luis Albuquerque as the new finance minister. Her appointment was seen as an indication that Passos Coelho intended to push on with austerity despite protests. Ishaq Siddiqi, strategist at London-based brokerage ETX Capital, said the crisis would likely end in a cabinet reshuffle or early elections. \"The big fear is this country has failed to demonstrate economic growth since its bailout and its government has also been unable to meet targets set out by the troika,\" Siddiqi added. \"Now, without a stable government in power, investors are concerned Portugal will be unable to meet its debt obligations.\"  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal government battles for survival Arab Today, arab today portugal government battles for survival

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today portugal government battles for survival Arab Today, arab today portugal government battles for survival

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday