Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Portugal leaders seek to end one-week crisis  Join our daily free Newsletter

MENAFN - AFP - 09/07/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Portugal's leaders sought Tuesday to cap a one-week political crisis that pushed the government to the brink of collapse and raised fears for its 78-billion-euro (100-billion) international bailout.

Prime Minister Pedro Passos Coelho appeared to have assured the survival of the coalition led by his Social Democratic Party, albeit at the price of promoting his foreign minister to the position of deputy prime minister.

The political deal, reached Saturday, now needs just the widely anticipated seal of approval of Portuguese President Anibal Cavaco Silva who was holding consultations with various party representatives.

The coalition had seemed to be on the verge of a break-up last week after Paulo Portas said he was resigning as foreign minister, one day after the shock departure of then finance minister Vitor Gaspar.

Portas is pivotal to the government's survival because he is also leader of the ruling coalition's junior partner, the conservative CDS-PP.

Instead of leaving the coalition, however, after days of negotiations Portas was promoted Saturday to the post of deputy prime minister in charge of coordinating economic reforms required under the May 2011 bailout programme.

"We believe that we have the conditions for stability ... which is important for the conclusion of the economic and financial stability programme that Portugal has negotiated with its creditors," Portas said Tuesday after a meeting with Silva.

"We believe the priority now is to open a cycle that, without forgetting the country's financial obligations, puts the focus on ... the economy, business, job creation and social cooperation," said Portas, who favours easing the grip of austerity.

The political crisis raged just ahead of a July 15 visit by representatives of Portugal's troika of creditors -- the European Commission, European Central Bank and IMF -- to assess the state of Portugal's accounts.

Portas had handed in his resignation on July 2 in disagreement with the premier's' choice of new finance minister, Maria Luis Albuquerque, who was expected to pursue austerity policies in the teeth of growing public protest.

Albuquerque said, however, that she would work with the new deputy prime minister.

"Working side by side in the same direction strengthens our positions rather than weakening them," said Albuquerque.

Albuquerque's appointment last week was welcomed by ECB president Mario Draghi, who said the country was "in good hands". EU Economic Affairs Commissioner Olli Rehn said he had no doubts over her abilities.

Portugal's president must give his approval to the reshuffled coalition, which has been in power since June 2011.

Following his meeting with Portas, the president held talks with the opposition Socialist Party chief Antonio Jose Seguro, who has pressed for snap elections. The president will then meet with the prime minister.

The head of state is to meet with workers' representatives on Wednesday before making an announcement, possibly in an address to the nation.

Most analysts say there is little doubt the president will approve the reshuffle.

But Portugal still faces formidable challenges: an expected economic contraction of 2.3 percent this year and a record unemployment rate of more than 18 percent.

Some financial analysts foresee a new bailout for the country, renewing concerns about the indebted economies of the eurozone's periphery.


 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

Apr 23 2014Qatar's Ezdan Holding buys 20 percent stake in Widam Food ,MENAFN
(MENAFN) Qatar-based Ezdan Holding Group said that it acquired a 20.16 percent stake in Widam Food Co. in a bid to promote investments and diversify its portfolio, The Peninsula Qatar ...

Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help