Portugal will not leave its austerity

Portugal will not leave its austerity

Speaking for the first time on Tuesday, three days after being promoted to the post of Deputy Prime Minister, Paulo Portas is committed to fulfill the commitments made by Portugal in exchange for the bailout of 78 billion euros, granted in May 2011 by the International Monetary Fund and the European Union.

Mr. Portas, who heads the small conservative CDS-PP party, a member of the coalition alongside the Social Democratic Party (center-right) Prime Minister, Pedro Passos Coelho, was received after the conclusion of an agreement to end the crisis. "Now what seems priority is to open a cycle that emphasizes, not to mention the financial obligations of the country, the economy, businesses, job creation and social dialogue", he DeCare .

He repeatedly criticized the policies of austerity and eventually resigned from his post as Minister of Foreign Affairs for its disagreement with the choice of Maria Luis Albuquerque as Finance Minister Vitor Gaspar to succeed, both supporters of strict enforcement of austerity demanded by Brussels.

TOWARDS A NEW BAILOUT

The head of the Portuguese State Anibal Cavaco Silva has to decide on the solution of the crisis presented Saturday by the two ruling parties, which provides in particular the promotion of Mr. Portas to the position of Deputy Prime Minister in charge of coordinating economic and political relations with the Troika representing the country's creditors.

According to most analysts, Mr Cavaco Silva is expected to endorse the agreement. Ms. Albuquerque and was eager to ensure that it would hear perfectly with the new Deputy Prime Minister. With her "Portugal is in good hands" even assured the President of the ECB, Mario Draghi.

Portugal currently has a plan for financial assistance of EUR 78 billion, granted by the European Union and the International Monetary Fund. But the economic outlook remains bleak: a forecast decline in the economy of 2.3% at the end of the year and record unemployment, exceeding 18%. In this context, several analysts believe that Portugal may need a new bailout.


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