Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/8/2013 (2 years ago)

Catholic Online (www.catholic.org)

Lisbon is uncertain it can meet conditions of 78 billion bail-out

Portugal Prime Minister Pedro Passos Coelho says that the rejection posed "serious obstacles and risks" to Portugal's progress in meeting its bail-out commitments, but that it would "do everything to avoid a second rescue." The single currency bloc has already been destabilized by Cyprus and now faces fresh uncertainty if Lisbon cannot find new savings to meet the conditions of its €78 billion bail-out.

'The government is committed to all the objectives of the program,' Portugal Prime Minister Pedro Passos Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

"The government is committed to all the objectives of the program," Portugal Prime Minister Pedro Passos Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/8/2013 (2 years ago)

Published in Europe

Keywords: Portugal, bail-out, commitment, eurozone, Prime Minister Pedro Passos Coelho


LOS ANGELES, CA (Catholic Online) - "The government is committed to all the objectives of the program," Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

"Any departure from the program's objectives, or their re-negotiation, would in fact neutralize the efforts already made and achieved by the Portuguese citizens," The European Commission warned in a statement.

German Finance Minister Wolfgang Schaeuble says that Portugal will have to find new savings after the ruling. "Portugal has made lots of progress in the last year to gain access to financial markets. But after this (constitutional court) decision it will have to find new measures," he told radio journalists.

The court ruled that the planned cuts in salaries to state workers and payments to pensioners were in breach of the constitution. The measures were expected to save as much as €1.3 billion annually, a large slice of the €5 billion of fiscal consolidation planned for this year. Coelho said that he had asked ministries to slash spending in order to avoid further tax rises.

"The constitutional court's decision places serious difficulties on the country to comply with the goals and budget targets it has to meet. The government doesn't agree with the interpretation of the constitution," Secretary of State for Cabinet Matters Luis Marques Guedes said.

Head of Economic Research at think-tank Open Europe Raoul Ruparel says that "With Cyprus and now Portugal, we are starting to see things worsening again in the eurozone."

Ruparel also warned there was a danger that broad support for austerity across the country could be eroded by the court's decision.

He added that the market reaction will probably be less severe than expected. "I can't imagine a massive response. They will find the savings elsewhere," he said.

The eurozone faces another testing week, with the formal terms of a €10 billion Cyprus bail-out due to be published. Ireland is also thought to be preparing to ask for an easing of its bail-out terms at a meeting of eurozone ministers in Dublin on Friday.

Portugal has been the eurozone's "poster child" for reform and had planned to issue a 10-year bond shortly to try to regain access to the debt markets. The court ruling may have delayed those plans.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Europe

Not London, New York or Paris: Luanda, Angola the most expensive city on Earth for... Watch

Image of According to Mercer's annual Cost of Living survey, places Luanda as by far the priciest city for foreign workers to live.

By Catholic Online (NEWS CONSORTIUM)

It's nowhere as well known as New York, Paris or London - but Luanda, Angola remains the most expensive city by far for expatriates to live in. Luanda ranked as the most expensive city to live in for the third time in a row. LOS ANGELES, CA (Catholic Online) - ... continue reading


Discovery of purported 'Nazi gold train' taken seriously in Poland Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The declarations from a German man and Polish man of discovery a long-lost Nazi train filled with gold and other treasures is being taken seriously by Poland's deputy culture minister. He says he is "convinced" the train exists. LOS ANGELES, CA (Catholic ... continue reading


Abandoned truck holds over 20 dead migrants in Austria Watch

Image of Truck found abandoned carrying the bodies of more than 20 dead migrants

By Kenya Sinclair (NEWS CONSORTIUM)

A police manhunt takes place after the discovery of an abandoned truck containing the bodies of migrants attempting to cross Austria's border. LOS ANGELES, CA (Catholic Online) - Austrian police report up to 50 migrants suffocated in the back of a refrigerated food ... continue reading


Vatican involvement in Ashley Madison Web site leak disproven Watch

Image of At first glance, the claim seems questionable - why would top Church officials sworn to celibacy sign up for a Web site for married people, and no less one that promotes adultery?

By CNA/EWTN News

Early this week, a leak of personal data from millions of users of Ashley Madison, a Web site designed to arrange extramarital affairs, wreaked havoc on and off the internet. Vatican City (CNA/EWTN News) - At least two suicides have been reported in conjunction ... continue reading


Four-star General reveals horrendous WWII scenes in never-before-seen photographs (PHOTOS) Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

Four-star General Charles Day Palmer detailed the fights in Western Front during World War II by taking snapshots of the bombed-out cities and lifeless bodies. He kept personal photos of the battlefields in Germany and France and is now releasing them to the public for ... continue reading


Brainwashed teenage girl taken away from radical jihadi parents Watch

Image of Judge Anthony Hayden, pictured, today compared the radicalization of the 16-year-old girl, known as B as similar to that as child sex abuse.

By Catholic Online (NEWS CONSORTIUM)

A 16-year-old girl in East London has been removed from her home after a judge ruled that she was being radicalized by her parents with Islamic State propaganda. The straight-A student, known only as "B" was stopped last year when she tried to fly to Syria to ... continue reading


HEROISM - AND EXTREME COWARDICE: American service members disarm terrorist aboard train - as train's staff lock themselves in office, denying help Watch

Image of U.S. serviceman Spencer Stone answering reporters' questions at the U.S. embassy in Paris this past weekend.

By Catholic Online (NEWS CONSORTIUM)

It was an example of high heroism - undercut with a despicable act of cowardice and selfishness. As an Islamic militant from Morocco threatened life and limb a high-speed train bound for Paris with a Kalashnikov, American service members with a British man were ... continue reading


Afghan man rips up Koran sparking threatening riot in overcrowded German refugee camp Watch

Image of A riot sparked in a refugee camp in Germany, leaving 15 civilians injured.

By Linky C. (NEWS CONSORTIUM)

A riot broke in an overcrowded German refugee camp shelter after an Afghan man damaged the Koran and threw pages of it in the toilet. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - One resident from an overcrowded German refugee camp tore up a Koran and dumped pages ... continue reading


Legendary lost Nazi train loaded with gold treasure found by two men Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

A train commandeered by the Nazis - reportedly loaded with gold, gems and valuable art vanished into a system of secret tunnels in the Polish countryside as the Germans fled advancing Soviet forces at the end of World War II. That story has gone down in Polish ... continue reading


Stalking Prince George: William and Kate condemn paparazzi photographers inappropriately hanging around play area Watch

Image of

By Hannah Marfil (NEWS CONSORTIUM)

After finding paparazzi photographers hiding near the play area of the two-year-old prince, Kensington Palace has released a stern letter from the Duke and Duchess of Cambridge condemning the inappropriate action harming the privacy of their toddler. William and Kate ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Thessalonians 4:13-18
13 We want you to be quite certain, brothers, about ... Read More

Psalm, Psalms 96:1, 3, 4-5, 11-12, 13
1 Sing a new song to Yahweh! Sing to Yahweh, all the ... Read More

Gospel, Luke 4:16-30
16 He came to Nazara, where he had been brought up, ... Read More

Saint of the Day

Saint of the Day for August 31st, 2015 Image

St. Raymond Nonnatus
August 31: Raymond was born at Portella, Catalonia, Spain. He was delivered ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter