Showing posts with label PORTUGAL. Show all posts
Showing posts with label PORTUGAL. Show all posts
Thursday, July 4, 2013
Saturday, July 21, 2012
What Happened When Portugal Decriminalized Drugs?
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Wednesday, March 30, 2011
Wednesday, March 23, 2011
Saturday, November 27, 2010
Debt turmoil, contagion fears sweep Europe
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| Illustration: Market Oracle |
Associated Press
LISBON, Portugal – Europe struggled mightily Friday to keep the debt crisis from engulfing country after country. Portugal passed austerity measures to fend off the speculative trades pushing it toward a bailout and Ireland rushed to negotiate its own imminent rescue.
As Portugal and Spain insisted they will not seek outside help, creating an eery sense of deja-vu for investors, Europe braced for what seems inevitable — more expensive bailouts.
The Portuguese Parliament approved an unpopular debt-reducing package, including tax hikes and cuts in pay and welfare benefits. But while that helped to avoid a sharper deterioration in bond markets, the sense among analysts was that the move had only bought a little time.
Adding to the pressure, Ireland's major banks were hit with credit downgrades — one to junk bond status — as speculation mounted that the EU-IMF bailout of Ireland, to be revealed within days, would require investors to take losses, a possibility earlier denied by officials.
"This confusing `pea-soup' of indecision, vacillation and disunity by the EU is beginning to create unnecessarily seismic waves of fear in international bond and money markets," said David Buik, markets analyst at BGC Partners.
Yields in fiscally weak eurozone countries remained near record highs Friday, stocks slumped across the board and the 16-nation euro lost another 0.8 percent on the day to trade at $1.3241, just off two-month lows.
Portugal's high debt and low growth have alarmed investors, but the government insists it doesn't require an international rescue — a line ominously reminiscent of claims by Greece and Ireland before their massive rescues.
Analysts say markets need more reassurance from EU leaders that the rot can be stopped in Portugal before spreading to Spain, the continent's fourth-largest economy — a scenario that would threaten the 16-nation euro currency itself.
The financial crisis took a step in that direction this week, as it increasingly becomes apparent that bond investors will not be pacified by austerity measures but want weak countries' public finances to be plugged once and for all. Greece, which accepted a bailout six months ago, and Ireland are still far from being able to return to international debt markets.
Read Full Article
RELATED ARTICLE:
Eurozone Debt Crisis 2.0: Dollar Sucks Less than Euro, Again
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Friday, November 26, 2010
Euro slides as Portugal bailout pressure builds
Portugal is under pressure to accept an EU bailout in order to stop the eurozone debt contagion spreading to Spain, according to German press reports that pushed the euro to a two-month low.
Bruno Waterfield
Telegraph
The European Central Bank is pushing Portugal to become the third eurozone country to accept an EU-IMF “rescue” because of concerns that a Portuguese debt crisis will sink its Iberian neighbour Spain.
The EU and eurozone fears that Spain, Europe’s fifth largest economy, is too big to bailout and that a Spanish crisis would tear down the European single currency.
Major European stock markets fell sharply, unsettled by the news and talk of the EU bailout fund being doubled. Spain's Ibex led the way losing 2.3pc, while bourses in London, Paris and Frankfurt were down between 1.3pc and 1.7pc. The euro hit $1.3204, its lowest since late September.
Borrowings cost in Portugal and Spain climbed, with yields on the countries' 10-year bonds near record highs.
“If Portugal were to use the fund, it would be good for Spain, because the country is heavily exposed to Portugal,” unnamed sources told the Financial Times Deutschland.
The rumours mirror similar leaks and briefings three weeks that Ireland was seeking an EU bailout and despite denials from all parties the reports were later confirmed.
Portugal, like Ireland before it, has denied it is being pressured by euro zone countries and the ECB. “This news article is completely false, it has no foundation,” said a government spokesman.
But Fernando Teixeira dos Santos, Portugal’s finance minister, has hinted euro zone are pushing Portugal to accept a bailout and the loss of sovereignty that allows the EU and IMF to take over a country’s fiscal policy.
Read Full Article
RELATED ARTICLE:
Eurozone Debt Crisis 2.0: Dollar Sucks Less Than Euro, Again
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It is time to Wake Up! You too, can join the "Global Political Awakening"!
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 |
| Portugal General Strike - AFP image |
Telegraph
The European Central Bank is pushing Portugal to become the third eurozone country to accept an EU-IMF “rescue” because of concerns that a Portuguese debt crisis will sink its Iberian neighbour Spain.
The EU and eurozone fears that Spain, Europe’s fifth largest economy, is too big to bailout and that a Spanish crisis would tear down the European single currency.
Major European stock markets fell sharply, unsettled by the news and talk of the EU bailout fund being doubled. Spain's Ibex led the way losing 2.3pc, while bourses in London, Paris and Frankfurt were down between 1.3pc and 1.7pc. The euro hit $1.3204, its lowest since late September.
Borrowings cost in Portugal and Spain climbed, with yields on the countries' 10-year bonds near record highs.
“If Portugal were to use the fund, it would be good for Spain, because the country is heavily exposed to Portugal,” unnamed sources told the Financial Times Deutschland.
The rumours mirror similar leaks and briefings three weeks that Ireland was seeking an EU bailout and despite denials from all parties the reports were later confirmed.
Portugal, like Ireland before it, has denied it is being pressured by euro zone countries and the ECB. “This news article is completely false, it has no foundation,” said a government spokesman.
But Fernando Teixeira dos Santos, Portugal’s finance minister, has hinted euro zone are pushing Portugal to accept a bailout and the loss of sovereignty that allows the EU and IMF to take over a country’s fiscal policy.
Read Full Article
RELATED ARTICLE:
Eurozone Debt Crisis 2.0: Dollar Sucks Less Than Euro, Again
Fresh food that lasts from eFoods Direct (Ad)
Live Superfoods
Print this page
Friday, September 3, 2010
High-profile Portugal child sex abuse 'proved'
Comment: The following BBC article is a snapshot of the horrendous "global child sex abuse" industry's affect upon society. The governments around the world, including the United States of America and especially the Vatican, have worked diligently to cover up these atrocities against the most innocent human lives. It is time to Wake Up! You too, can join the "Global Political Awakening"!
BBC
BBC
Seven defendants in a child sex trial in Portugal have been found guilty of abusing children in the care of a state-run home.
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| Abuse at Casa Pia is said to have started in the mid-1970s, but was not discovered until 2002 |
The six men and one woman include Carlos Cruz, a former TV presenter, and Jorge Ritto, a former ambassador.
Between them they faced hundreds of charges relating to the rape and abuse of 32 boys in the 1990s.
The boys, now aged between 16 and 22, were all residents at the Casa Pia children's home in Lisbon.
The judges in the case are still reading the full verdict in each of the hundreds of accusations, but the court has ruled that the vast majority of sexual abuse has been proven.
The main suspect was a former driver from Casa Pia, whom the court found had abused boys on hundreds of occasions.
He then began offering them to men, including Cruz, for cash.
Horrific injuries
Pedro Namora, a former Casa Pia resident now in his forties, hailed the result, saying: "I hope this day will allow us to show the country that the boys have told the truth from the start."
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| The seven convicted of abuse include Portuguese TV presenter Carlos Cru |
However, Cruz has dismissed the verdict as a "mistake" and the result of "a vendetta".
"This is one of the most monstrous judicial mistakes in Portuguese history," he said.
The three judges in the case are expected to take turns reading out a summary of the verdict, which is reported to run to several thousand pages.
The case is one of the longest-running in Portuguese history, lasting more than five years, with testimony from hundreds of people.
During the trial, the 32 victims gave gruesome testimony about being raped by adults in dark cellars, cars and secluded houses.
One of the victims, now in his early 20s, was so seriously abused that he is now incontinent.
Almost all of them identified their abusers by pointing them out in the courtroom.
However, the BBC's Sarah Rainsford in Lisbon says it is thought that there may be many other victims who are still too frightened to speak out.
The alleged abuse at Casa Pia is said to have started in the mid-1970s, but was not discovered until 2002, when the mother of a boy placed at a state-run home in Lisbon said he had been abused by staff there.
Casa Pia is a 230-year old institution which cares for about 4,500 needy children through a network of 10 homes.
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