Try, try again… then quit. Portuguese Prime Minister José Sócrates stepped down late on Wednesday saying “today, I am convinced the country is lost,” after a last-ditch effort to push through new austerity measures and avoid a Greek-style bailout failed to win support in the Lisbon parliament. The resignation of Sócrates and his minority centre-left government effectively pushes Portugal into the arms of the European Union and the IMF, with many analysts now saying that the debt-laden Iberian state can do little to avoid following in the footsteps of Greece and Ireland, both of which were bailed out last year when their bond yields reached unsustainable levels. At around 7.8 percent, … [Read more...] about Bailout beckons as Portugal’s Sócrates resigns
portugal debt crisis
Portugal’s history echoes down the ages
Portugal has been a regular feature in international news headlines lately. Sadly, though, it is usually mentioned for the wrong reasons, such as worries about its ability to manage its chaotic finances and finance its debt. This glut of attention contrasts with the near invisibility Portugal has maintained for much of the last few decades on the international stage, with few figures other than its footballers and the occasional writer making an impact beyond its own borders. In The Portuguese: A Modern History, Barry Hatton explores both the reasons for the country’s see-sawing international profile and the roots of its more recent economic woes. A Lisbon-based journalist who has … [Read more...] about Portugal’s history echoes down the ages