Portugal coalition splinters on austerity fatigue

Portuguese borrowing costs topped 8 per cent for the first time this year after two ministers quit, signalling the government will struggle to implement further budget cuts.

3rd July, 2013
Portugal sounded "the alarm bell of austerity fatigue,” said one analyst.

Portuguese borrowing costs topped 8 per cent for the first time this year after two ministers quit, signalling the government will struggle to implement further budget cuts as its bailout program enters its final 12 months.

Secretary of State for Treasury Maria Luis Albuquerque replaced Vitor Gaspar at the Ministry of Finance. That prompted Paulo Portas, who leads the smaller CDS party in the coalition government, to quit, saying the new minister would offer “mere continuity” of...

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