Proud Portugal rejects EU bailout

Portugal will face the markets this week with a caretaker government and a vague commitment for reducing its deficit in the next three years, after a crucial parliamentary vote brought down the austerity package agreed by the EU.

26th March, 2011

Portugal will face the markets this week with a caretaker government and a vague commitment for reducing its deficit in the next three years, after a crucial parliamentary vote brought down the austerity package agreed by the EU.

The country’s political leaders are paving the way for elections after prime minister Jose¤ So¤ crates submitted his resignation last Wednesday.

He decided to quit after losing a key vote in parliament on...

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