In the Mire; Portugal and the Euro  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8756 (Oct. 2011), page 61.
Topik: Budgeting; Credit Ratings; Budget Deficits; Sovereign Debt; Economic Policy

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.68 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Portugal unveiled its harshest budget in living memory this week. Painful austerity is worth bearing to distance Portugal from strike-bound Greece and re-establish discipline, argues Pedro Passos Coelho, the prime minister. He insists Portugal will meet the budget targets agreed on with the European Union and IMF in return for a EUR 78 billion ($107 billion) loan. Yet lots of unpleasant surprises have come his way in his first four months in the job. A downgrade of Portugal's credit rating to junk in July was a punch in the stomach, he said. Slovakia's hesitation over expanding the bail-out fund almost gave him a heart attack. Even worse was the discovery of various overruns, shortfalls and hidden debts totalling EUR 3.4 billion, including as much as EUR 1.1 billion from the island of Madeira alone. These hidden debts have forced the government to take extra measures to keep to its deficit promise.

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