Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/8/2013 (1 year ago)

Catholic Online (www.catholic.org)

Lisbon is uncertain it can meet conditions of 78 billion bail-out

Portugal Prime Minister Pedro Passos Coelho says that the rejection posed "serious obstacles and risks" to Portugal's progress in meeting its bail-out commitments, but that it would "do everything to avoid a second rescue." The single currency bloc has already been destabilized by Cyprus and now faces fresh uncertainty if Lisbon cannot find new savings to meet the conditions of its 78 billion bail-out.

'The government is committed to all the objectives of the program,' Portugal Prime Minister Pedro Passos Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

"The government is committed to all the objectives of the program," Portugal Prime Minister Pedro Passos Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/8/2013 (1 year ago)

Published in Europe

Keywords: Portugal, bail-out, commitment, eurozone, Prime Minister Pedro Passos Coelho


LOS ANGELES, CA (Catholic Online) - "The government is committed to all the objectives of the program," Coelho said, adding that the ruling would mean other deep spending cuts, in social security, health, education and public enterprises.

"Any departure from the program's objectives, or their re-negotiation, would in fact neutralize the efforts already made and achieved by the Portuguese citizens," The European Commission warned in a statement.

German Finance Minister Wolfgang Schaeuble says that Portugal will have to find new savings after the ruling. "Portugal has made lots of progress in the last year to gain access to financial markets. But after this (constitutional court) decision it will have to find new measures," he told radio journalists.

The court ruled that the planned cuts in salaries to state workers and payments to pensioners were in breach of the constitution. The measures were expected to save as much as 1.3 billion annually, a large slice of the 5 billion of fiscal consolidation planned for this year. Coelho said that he had asked ministries to slash spending in order to avoid further tax rises.

"The constitutional court's decision places serious difficulties on the country to comply with the goals and budget targets it has to meet. The government doesn't agree with the interpretation of the constitution," Secretary of State for Cabinet Matters Luis Marques Guedes said.

Head of Economic Research at think-tank Open Europe Raoul Ruparel says that "With Cyprus and now Portugal, we are starting to see things worsening again in the eurozone."

Ruparel also warned there was a danger that broad support for austerity across the country could be eroded by the court's decision.

He added that the market reaction will probably be less severe than expected. "I can't imagine a massive response. They will find the savings elsewhere," he said.

The eurozone faces another testing week, with the formal terms of a 10 billion Cyprus bail-out due to be published. Ireland is also thought to be preparing to ask for an easing of its bail-out terms at a meeting of eurozone ministers in Dublin on Friday.

Portugal has been the eurozone's "poster child" for reform and had planned to issue a 10-year bond shortly to try to regain access to the debt markets. The court ruling may have delayed those plans.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Archbishop appeals his defrocking for sexual abuse allegedly committed in Dominican Republic Watch

Image of If found guilty in a criminal trial, Archbishop Jozef Wesolowski could risk extradition to the Dominican Republic, which has appointed a special prosecutor to investigate the case.

By Catholic Online (NEWS CONSORTIUM)

Archbishop Jozef Wesolowski, from Poland, is accused of child sex abuse while he served in the Dominican Republic. He has since appealed against a Roman Catholic tribunal's decision to defrock him, according to the Vatican. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING: Are there more British Muslims fighting for the Islamic State than for British military? Watch

Image of Many young men facing poor job prospects in the U.K. find the IS narrative of defending Islam hard to resist.

By Catholic Online (NEWS CONSORTIUM)

It's a shocking figure that has many questioning immigration laws. Britain's Ministry of Defense has confirmed that there are approximately 600 British Muslim service members in its armed forces of almost 200,000 people. In a momentous slap to the West - and ... continue reading


British Archbishop demands Muslim leaders enforce discipline on youth or face the consequences Watch

Image of George Carey, a former Archbishop recently spoke on the dangers of the Islamic State, as well as the British Muslims who go overseas to fight for it.

By Catholic Online (NEWS CONSORTIUM)

A former Archbishop of Canterbury has called for Britons that are fighting for the Islamic State to be banished from Britain. LOS ANGELES, CA (Catholic Online) - Lord George Carey of Clifton said that Muslims must  discipline their young people, or see them ... continue reading


Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... continue reading


WHAT HAVE WE BECOME: British mom jailed for having sex with 12-year-old son following instructions from boyfriend Watch

Image of The son in question, along with his brother, have been placed in foster care.

By Catholic Online (NEWS CONSORTIUM)

In an especially revolting example of bad parenting, a 39-year-old British mom has been jailed for having sex with her 12-year-old son . while her partner watched on webcam, telling the mother what to do over headphones. The mother described the act as a "sex ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Second Thessalonians 3:6-10, 16-18
6 In the name of the Lord Jesus Christ, we urge you, ... Read More

Psalm, Psalms 128:1-2, 4-5
1 [Song of Ascents] How blessed are all who fear ... Read More

Gospel, Matthew 23:27-32
27 'Alas for you, scribes and Pharisees, you ... Read More

Saint of the Day

Saint of the Day for August 27th, 2014 Image

St. Monica
August 27: St. Monica was married by arrangement to a pagan official in ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter