Skip to main content

Home/ European Union/ Group items tagged portugal

Rss Feed Group items tagged

Prof. Dr  Wolfgang Schumann

12-01-11: EU considers increase of bail-out fund, as debt crisis rumbles on - 0 views

  • Against a background of growing fears that the eurozone's rescue fund would be insufficient should Spain or Belgium knock on its doors, the European Union's economy chief has called for a hike in the effective lending capacity of the EU's bail-out mechanism. "We need to review all options for the size and scope of our financial backstops - not only for the current ones but also for the permanent European stability mechanism too," EU economics and monetary affairs commissioner Olli Rehn wrote on Wednesday in an opinion piece in the Financial Times.
  • The commissioner issued the call after member-state representatives met in the European capital to discuss proposals to boost the fund ahead of a meeting of European finance ministers next week. Mr Rehn also issued a stark warning that for all the deficit-slashing austerity measures that European states have so far imposed, it is not enough. "There is insufficient ambition and a lack of urgency in implementation. That needs to change," he wrote.
Prof. Dr  Wolfgang Schumann

10.01.11: Core EU states put squeeze on Portugal to accept bail-out - 0 views

  • Major European powers are putting the squeeze on Portugal to follow Greece and Ireland and knock on the doors of EU and IMF bail-out resources. Reports over the weekend quote senior European sources as saying Berlin, Paris and other core eurozone capitals are leaning heavily on Lisbon to apply for a financial rescue, although the Portuguese government continues to deny that any pressure is being mounted.
  • The eurozone core fears that if a firewall is not built around Portugal, investor nervousness could spread to Spain, a much larger economy than those of the two states - Greece and Ireland - that have already been bailed out. However, formal negotiations with Lisbon have yet to begin, the source continued, and discussions have yet to match the pace of similar talks ahead of the Greek bail-out last May or that of Ireland last November. Should Portugal decide to ask for a rescue, the bill would amount to between €60 and €80 billion, the source said.
Prof. Dr  Wolfgang Schumann

23.11.10: Will Portugal and Spain be the next victims of the debt crisis? - 0 views

  • Portuguese, Spanish and EU leaders, alarmed at the seemingly unquenchable vengeance of this marketplace leviathan, insisted that the two Iberian nations were very far from having to follow Ireland and Greece in asking for bail-outs.
  • EU economics chief Olli Rehn sought to buttress the the standing of Portugal insisting on the "very different" situation between Lisbon and Dublin, while the head of the eurozone, Luxemburgish Prime Minister Jean-Claude Juncker described the market vigilantism against Portugal and Spain as "not justified". Railing against the state of affairs, Mr Rehn told MEPs on Monday: "Any talk of deconstruction of the European project is irresponsible. All member states would have been in a much more difficult situation without the European Union and its political shield."
Prof. Dr  Wolfgang Schumann

11.11.10: Irish turmoil reignites eurozone debt crisis - 0 views

  • Fresh turmoil in the Irish and Portuguese debt markets has reignited the eurozone's fiscal crisis, with record borrowing costs in the two states sparking bail-out expectations and concerns over possible contagion. Irish borrowing costs on benchmark 10-year bonds jumped half a percentage point to a euro-era record of 8.64 percent on Wednesday (10 November), a weighty 6.19 percent higher than their German equivalent.
  • The dramatic rise followed a sell-off of Irish bonds by investors after LCH.Clearnet – one of Europe's biggest clearing houses – upped the amount of deposit it requires on all Irish positions to 15 percent. Ireland's debt is now judged to be as risky as Greece's this spring when member states scrambled to agree a bail-out for Greece, with Lisbon also forced to pay record amounts during a bond issuance on Wednesday.
Prof. Dr  Wolfgang Schumann

24.04.08: Lisbon Treaty gets Portugal's nod of approval - 0 views

  • The Portuguese Parliament has overwhelmingly voted in favour of ratifying the EU's new Reform Treaty – named after the country's capital, where it was signed by European leaders last December.
  • The three leftist groups voted against ratifying the text, arguing that it goes against Portugal's sovereign interests and should therefore be subject to a popular referendum. But they were largely outnumbered and, in the end, Parliament approved the text by 208 votes to 21. 
1 - 5 of 5
Showing 20 items per page