Quotes: 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 byrepresentatives 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.


 


AFP




  MENA News Headlines
 Feb 14 2016 - UAE- Khalifa International Award for Date Palm and Agricultural Innovation announces award proclamation dateEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 14th February 2016 (WAM) -- The General Secretariat of the Khalifa International Award for Date Palm and Agricultural Innovation announced today ...

 Feb 14 2016 - Ministers of the future government take the oath before the UAE Prime MinisterEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 14th February 2016 (WAM) -- With the approval of President His Highness Sheikh Khalifa bin Zayed Al Nahyan the Ministers of the 12th Cabinet of the ...

 Feb 14 2016 - Dubai Health Authority hospitals and specialty centres receive more than one million patients in 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 14th February 2016 (WAM) -- The Dubai Health Authority DHA announced today that its hospitals and specialty centres received more than one million ...

 Feb 14 2016 - UAE- President Khalifa calls on new ministers to work diligently and faithfully towards promoting march of developmentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 14th February 2016 (WAM) -- President His Highness Sheikh Khalifa bin Zayed Al Nahyan has called on the ministers of the 12th Cabinet of the UAE ...

 Feb 14 2016 - UAE- President names Tahnoun bin Zayed as National Security AdvisorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 14th February 2016 (WAM) -- President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a federal decree appointing H.H. Sheikh Tahnoun ...

 Feb 14 2016 - IHC hosts Humanitarian Project Management Course for emergencies in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 14th February 2016 (WAM) -- The International Humanitarian City (IHC) has held a three-day Humanitarian Project Management Course for emergencies for ...

 Feb 14 2016 - Al-Shabaab claims responsibility for plane bombing in SomaliaSaudi Press Agency
(MENAFN - Saudi Press Agency) Al-Shabaab group has claimed responsibility for an explosion that ripped a hole in the side of a passenger plane in Somalia last week, killing only the bomber himself, ...

 Feb 14 2016 - Many juniors arrested in Bahrain for joining demonstrationsSaudi Press Agency
(MENAFN - Saudi Press Agency) Bahraini security forces have arrested a number of teenagers for taking part in chaos and subversion in some Bahraini villages.The Bahraini News Agency, which carried ...

 Feb 14 2016 - UAE- Huge volunteer turnout at 4th Waste Free Environment eventEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 14th February 2016 (WAM) -- An estimated 700 volunteers from 14 schools alongside community members came together for a day of educational activities ...

 Feb 14 2016 - UAE- Masdar Institute to feature research projects in food energy and waterEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 14th February 2016 (WAM) -- The Masdar Institute of Science and Technology an independent research-driven graduate-level university focused on ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help