Turbulent times call for budget cuts, says Portuguese premier

11. 11. 2011

Turbulent times call for budget cuts, says Portuguese premier

Coehlo wants to make unprecedented cuts so Portugal can continue to access rescue funds from the EU and IMF.

"In these turbulent times, there is no room for doubts or for political calculations different from those that will guarantee that these goals be achieved," he told MPs.





Three left-wing parties oppose the planned reduction in expenditure.

But the budget's passage is inevitable owing to Coelho's parliamentary majority and the backing of the opposition Socialist Party.

Unions remain opposed and plan to hold a general strike on November 24th.


Papademos named as new head of Greek coalition

Lucas Papademos has been appointed to form a new coalition government in Greece.

The decision was made after talks between George Papandreou, the leader of Greece's conservative party and the leader of country's far right movement agreed Papdemos was the only man for the job.


The former European central bank VP now has the tough task of creating order in Greece's chaotic government. First on his list will be to broker a bailout deal with Eurozone members and stabilise the country's economy.





SOURCE: Euronews