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Portugal Advances Unpopular Budget Plan
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Portugal's parliament gave preliminary approval to a new budget bill with 4.3 billion euros in tax increases on income, captal gains, property and car ownership, and 1 billion euros in spending cuts compared to the 2012 budget. Banco Espirito Santo was able to sell 750 million euros in 3 year bonds with an interest rate of 5.875%. Over 200 investors from France, UK, Germany made buying offers of more than 2.7 billion euros. The rate is lower than expected and reflects ECB policy support for bond markets of countries requesting aid.
Portugal's banks
04/19/2011
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Collapse of the government in Portugal in 2011, after failing to win support for further austerity measures.
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Wall Street Journal 05/03/2013
Portugal Returns to Bond Market
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Portugal Plans Cuts in Spending
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Portugal's Government Thrust Into Turmoil
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Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
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Portugalâs President Calls for Early Elections
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Why Portugal is different from Greece in 2012-2013, and yet may find its debt unsustainable as the economy shrinks- the situation in 2012-2013
04/30/2010
Portugal is taking vigorous steps without social unrest, including spending cuts that will stabilize the deficit, labor reform, and increasing exports through trading links to Africa and Latin America. Portugal needs to borrow about 10 billion euros in 2012 and the ratings downgrade has hurt Portugal by raising rates on new borrowing to about 20%. The economy is expected to shrink by 3% in 2012.
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Ratings Gag Is No Joking Matter
Wall Street Journal 07/12/2011
Greece Gets New Bailout as U.S. Nears Brink
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Portugal Returns to Bond Market
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Idea of Euro Exit Finds Currency in Portugal
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The Next Global Problem: Portugal
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Portugal Emerges From Recession
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The loan deal Portugal negotiated with the EU and the IMF in May 2011.
09/27/2010
The terms of the loan deal and the problems negotiators faced in coming up with a deal that will give Portugal the breathing space to it needs. The economy is expected to contract 2% in 2011, and 2% in 2012. As a result the defict as a percentage of GDP target of 3% was set for the third year in the three year program, instead of earlier as originally planned. The IMF loan interest rate was set at 3.25% for the first 2 years. Portugal's weakness in competitiveness and in its educational system means Portugal badly needs this breathing space.
Grouped Articles
Portugal's Government Thrust Into Turmoil
Wall Street Journal 07/03/2013
Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
Wall Street Journal 07/08/2013
Portugalâs President Calls for Early Elections
New York Times 07/11/2013
Portugal Unveils Toughest Austerity Budget Yet
Wall Street Journal 10/16/2013
Economic Report Supports Socialistsâ Policy in Portugal
New York Times 09/27/2010
Portugal's public finances: The apology of Sócrates
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Portugal- government debt, ratings and borrowing costs
10/23/2010
Grouped Articles
Ratings Gag Is No Joking Matter
Wall Street Journal 07/12/2011
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Greece Gets New Bailout as U.S. Nears Brink
Wall Street Journal 07/22/2011
Wall Street Journal 05/07/2013
Portugal Returns to Bond Market
Wall Street Journal 05/08/2013
Portugal's Government Thrust Into Turmoil
Wall Street Journal 07/03/2013
Portugal- economy in 2010-2015
10/23/2010
Grouped Articles
Idea of Euro Exit Finds Currency in Portugal
Wall Street Journal 05/27/2013
Portugalâs President Calls for Early Elections
New York Times 07/11/2013
Portugal Emerges From Recession
Wall Street Journal 08/15/2013
After a Recession in Portugal, the Tiny Green Fruits of Success
New York Times 08/28/2013
Portugal Unveils Toughest Austerity Budget Yet
Wall Street Journal 10/16/2013
Portugal's public finances: The apology of Sócrates
Economist 10/23/2010
The perverse effects of increasing sales taxes and value added taxes in Spain and Portugal on inflation
09/27/2010
Higher inflation in Spain and Portugal with higher sales taxes and lower inflation in Germany and France is likely to prolong a recovery.
Grouped Articles
New York Times 09/25/2011
Portugal's Government Thrust Into Turmoil
Wall Street Journal 07/03/2013
Hollande Boosted by French Growth
Wall Street Journal 08/15/2013
Economic Report Supports Socialistsâ Policy in Portugal
New York Times 09/27/2010
Euro-Zone Inflation Returns to Record Low
Wall Street Journal 02/02/2014
Spain's New Tax Crackdown Makes It Personal
Wall Street Journal 02/09/2013
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