Portugal Finance Minister Quits

Portugal’s Finance Minister Vitor Gaspar has resigned, the president’s office has announced.

The minister has been praised by international creditors for keeping a tight rein on Portuguese finances following the country’s 2011 bailout.

However, the country is still in recession with high unemployment, and recent figures showed the budget deficit widening in the first quarter.

The president’s office said Maria Luis Albuquerque would replace Mr Gaspar.

In a resignation letter seen by the Reuters news agency, Mr Gaspar said the failure to hit public deficit and debt targets had undermined his credibility.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza