Tag: Portugal

The EU should prepare for the possibility of the default or defection from the euro zone of some of its members, something which if prepared correctly would not cause a financial crisis and would allow the countries concerned to escape the vicious cycle of austerity and recession, argues George Soros.

Portugal's centre-right Social Democrats (PSD) recorded a convincing win over the Socialists in a general election yesterday (5 June), punishing the outgoing government for a 78-billion-euro bailout that will bring deep austerity. European Commission President José Manuel Barroso said these were the country's "most important elections" since 1974.

Pressure on financially weak eurozone members rose sharply yesterday (18 April) amid growing speculation that Greece will restructure its debt and after a Finnish vote showed mounting public opposition to more bailouts.

Eurozone finance ministers will discuss Portugal's bailout plea on Friday (8 April) and are likely to approve sending an EU-IMF mission to Lisbon on Monday to start negotiating the terms of the deal, sources said.

Portugal's President Aníbal Cavaco Silva dissolved parliament yesterday (31 March) and set a snap general election for 5 June, warning that the next government faced an "unprecedented economic crisis".

Portugal's main opposition Social Democrats (PSD) again refused today (21 March) to back new government austerity measures, raising the risk that the minority administration of Prime Minister José Sócrates could fall after a vote just before a key EU summit to be held at the end of the week.

Germany has said it will help finance a Portuguese bailout as consensus builds that Portugal will be the third eurozone country to seek a loan from the European Union and the International Monetary Fund.

The European Central Bank threw Portugal a temporary lifeline yesterday (10 January) by buying up its bonds, as market and peer pressure mounted on Lisbon to seek an international bailout soon. But analysts said that in the euro zone's simmering debt crisis, the Battle of Spain would likely prove decisive in 2011.

Europe's fundamental problems would be easier to manage with calmer financial markets, writes Daniel Gros, director of the Centre for European Policy Studies.

José Luís Lopes da Mota, president of Eurojust, communicated yesterday (17 December) his resignation amid growing accusations concerning his involvement in the controversial 'Freeport' case in Portugal.

Europe faces a slew of national elections in the coming weeks and the new coalitions will have an impact on tackling the economic crisis and making the crucial adjustments for reform.

Although discrimination in general has decreased on the European continent in the past years, discrimination based on ethnic origin it is still perceived as widespread, with Roma in particular facing high levels of prejudice, according to a new Eurobarometer.

The Portuguese Parliament has overwhelmingly voted in favour of ratifying the EU's new Reform Treaty – named after the country's capital, where it was signed by European leaders last December.

With all eyes fixed on the advancement of the new EU Treaty negotiations, Portugal has set out another ambitious project for its six-month EU presidency: concrete progress on EU's external relations, particularly with regards to Africa and the Mediterranean.

Anibal Cavaco Silva, a former centre-right prime minister of Portugal, won the presidential elections on 22 January with 50.6% of the votes.

In a move that EU finance ministers are expected to endorse in September, the Commission has given Portugal until 2008 to bring its deficit below the Stability and Growth Pact's 3% GDP/ratio ceiling.

Lisbon mayor Santana Lopes is set to take over as Portugal's new prime minister. President Sampaio has turned down Socialist opposition calls for early elections after Barroso's nomination as Commission President.

The Commission responded to the request of the Portuguese authorities by offering to mobilise the EU Solidarity Fund (EUSF).

Portugal's Social Democratic Prime minister-elect Jose Durão Barroso (centre right) has signed a coalition agreement with Popular Party leader Paulo Portas (conservative) on 28 March. The new coalition governement, backed by a small majority in the Parliament, will take office in mid-April.

The Social Democrats (PSD) won a narrow victory over the ruling Socialists in the Portuguese elections.

Political parties in Portugal have launched their campaigns for the 17 March general elections where the opposition Social Democrats will challenge the Socialists over the continued poor performance of the country's economy in comaprison with its European neighbours.

European Commission proposal to gradually lift Portuguese beef ban was approved by the Standing Veterinary Committee