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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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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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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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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.
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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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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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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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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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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.