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.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.