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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