Portugal Survives No Confidence Vote Weekend Crucial for Bailout Agreement

Portugal’s government survived a vote of no confidence on Thursday, but the country is not out of the woods yet. A self-imposed deadline to come to an agreement over the country’s bailout looms on Sunday.

The defeat of the motion of no-confidence, which was tabled by the smaller Green party in Portugal, was the latest installment of a political drama that started with the resignation of two government ministers who opposed austerity measures two weeks ago.

The socialist party, which backed the vote of no-confidence on Thursday, must now work with the two ruling coalition parties to come to an agreement over 4.7 billion euros ($6.17 billion) in spending cuts and austerity measures to keep the country’s bailout on track until mid-2014.

via CNBC

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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
Alfonso Esparza

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