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Portugal Loses UK Court Battle Over ‘Toxic’ Derivatives

Portugal faces potential liabilities of more than €1.5bn after losing a British court battle over derivatives that Lisbon has challenged as “toxic”, the Financial Times reported. State-owned transport companies have for more than two years withheld p ...

Daily Headline - global.abi.org - 03/07/2016 - 21:39 - 0 comments

Novo Banco Decision Adds to Letdowns in Default-Swap Market

Investors facing huge losses on Novo Banco SA bonds suffered another defeat, Bloomberg News reported. The group that oversees the credit-default swaps market declined to amend any contracts insuring the Portuguese bank’s debt, probably killing off swapho ...

Daily Headline - global.abi.org - 03/02/2016 - 21:42 - 0 comments

EU Accepts Portugal’s 2016 Draft Budget After Tax Tweaks

The European Commission approved Portugal’s 2016 draft budget yesterday after the new Socialist government promised to hike indirect taxes to meet EU budget rules while also easing austerity to keep its leftist allies happy, the Irish Times reported. ...

Daily Headline - global.abi.org - 02/07/2016 - 20:51 - 0 comments

Portugal’s Anti-Austerity Budget Provokes Brussels Showdown

Portugal’s new Socialist government faces an embarrassing rejection of its first “anti-austerity” budget by the European Commission on Friday as eleventh-hour talks failed to break a stalemate over additional cuts needed to bring Lisbon in line with EU d ...

Daily Headline - global.abi.org - 02/04/2016 - 22:41 - 0 comments

EU Questions Portugal’s 2016 Budget Plan

The European Commission on Wednesday raised questions about Portugal’s budget plan for this year, a move that could put pressure on the government to soften its antiausterity agenda, The Wall Street Journal reported. In a letter dated Jan. 26 and add ...

Daily Headline - global.abi.org - 01/27/2016 - 21:47 - 0 comments

Portugal’s Government Plans to Reverse Wage Cuts

Portugal’s newly appointed Socialist government said Friday that it will reverse public wage cuts and lower some taxes this year, but it will still manage to cut the country’s budget deficit by increasing other taxes and projecting higher economic growth ...

Daily Headline - global.abi.org - 01/24/2016 - 23:48 - 0 comments

Portugal Offers Investors In Novo Banco Compensation To Quell Anger

Portugal’s central bank has offered to partly compensate Novo Banco bondholders who lost money when their securities were transferred to a “bad bank” last month in a bid to ease tensions with the government and furious international investors, the Fina ...

Daily Headline - global.abi.org - 01/20/2016 - 23:04 - 0 comments

New Bank Challenge for Portugal

Portugal faces fresh concerns relating to one of its smaller banks after shares in Banif tumbled Monday amid concerns about its ability to pay back loans it received in a bailout of the country’s banking sector, the International New York Times repor ...

Daily Headline - global.abi.org - 12/14/2015 - 23:18 - 0 comments

Rising Left Bloc in Portugal Could Threaten Austerity Drive

Last month’s elections in Portugal were meant to deliver a clear verdict on the center-right coalition of Prime Minister Pedro Passos Coelho, whose austerity program has been held up as a model by creditors and countries like Germany that have advocated ...

Daily Headline - global.abi.org - 11/08/2015 - 22:22 - 0 comments

Portugal Leader Gains Ahead of Election, Despite Austerity

Just a few weeks ago, voters appeared ready to punish Prime Minister Pedro Passos Coelho for spending cuts and tax increases that drove Western Europe’s poorest country deeper into a recession to save it from insolvency, The Wall Street Journal repor ...

Daily Headline - global.abi.org - 10/01/2015 - 22:52 - 0 comments

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