Facing Crucial Vote, Portugal PM Warns Country Cannot Abandon Reforms

Prime Minister Pedro Passos Coelho, whose government faces a vote that may topple it in the opposition-dominated parliament, warned on Monday that leaving the path of reforms and meeting euro zone commitments would be ruinous for Portugal.

“The choice we have is clear: between the path of reforms that is gradual and secure, and the path of unrealistic political programs following immediate goals,” he told parliament, adding that with its heavy debt burden Portugal could not be complacent.

“I will not collaborate and will oppose any negative policy leading to Portugal’s ruin, where the Portuguese are seen as mere instruments of political power games,” he said as he presented his government program in parliament.

Reuters

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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.