Jose Socrates

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  Portugal Bailout Terms Likely to Cause Recession

  By Marlene Y. Satter, AdvisorOne  |  May 4, 2011

  A three-year agreement was reached for a bailout for Portugal, Prime Minister Jose Socrates announced late Tuesday, but the terms are harsh.

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  Portugal Relents, Asking EU, IMF for Aid

  By Marlene Y. Satter, AdvisorOne  |  April 7, 2011

  n a reversal of his previous position, Jose Socrates, caretaker prime minister of Portugal, asked for financial help for the country on Wednesday.

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  Moody’s Cuts Portugal’s Rating, Saying Bailout Need Is Urgent

  By Marlene Y. Satter, AdvisorOne  |  April 5, 2011

  Despite an auction result that bought time for Portugal as that nation seeks to avoid a bailout and resolve its debt issues independently, Moody’s Investors Service on Tuesday cut Portugal’s sovereign debt rating one more notch to Baa1.

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  Portugal’s Socrates Still Heads Socialists, Will Oppose Bailout in Election

  By Marlene Y. Satter, AdvisorOne  |  March 28, 2011

  Jose Socrates, who resigned as prime minister of Portugal after austerity measures proposed by his Socialist party were defeated in a parliamentary vote, was reelected on Sunday by his party with 93% of the vote. He pledged to run in opposition to acceptance of a financial bailout.

• Portugal Suffers Ratings Cuts, but Not Expected to Seek Bailout

  By Marlene Y. Satter, AdvisorOne  |  March 25, 2011

  The same day that Portugal's prime minister resigned, Fitch on Thursday cut the nation’s credit rating by two notches, and S&P followed on Friday with a two-notch ratings cut.

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  Portugal Government Collapses as Austerity Measures Rejected; EU Meets

  By Marlene Y. Satter, AdvisorOne  |  March 24, 2011

  As expected, the Portuguese parliament voted down fresh austerity measures on Wednesday, and Jose Socrates resigned as prime minister. However, he said that he would still attend the European Union (EU) summit meeting convening Thursday in a caretaker role.

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  Portugal Austerity Vote May Cause Government Collapse

  By Marlene Y. Satter, AdvisorOne  |  March 23, 2011

  The minority Socialist government of Portugal may collapse if austerity measures are defeated in a vote later on Wednesday, as is currently expected.

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  Portugal, Ireland Debt Problems Still Haunt Euro Zone

  By Marlene Y. Satter, AdvisorOne  |  March 21, 2011

  In the midst of turmoil in the Middle East and North Africa and worries over Japan, the euro zone’s debt crisis has not gone away, merely dropped out of the headlines for a bit.

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  Portuguese Parliament Passes Austerity Budget

  By Marlene Y. Satter, AdvisorOne  |  November 26, 2010

  Portugal passed a tough austerity budget for 2011 on Friday, in a bid to cut the country's deficit to 4.6% of GDP in 2011. The 2011 budget raises the value added tax (VAT) from 21% to 23%, cuts civil servant wages by 5%, and slashes public spending.