Portuguese Government News
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EDP-Energias de Portugal SA, the country’s biggest utility, said first-quarter profit slipped 1 percent as tax payments increased.
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Portugal’s first sale of 10-year bonds since its bailout in 2011 attracted demand for more than three times the amount the government was seeking to raise.
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Portugal’s banks are defying a prediction by Moody’s Investors Service that the nation would need to tap bailout funds a second time to refinance lenders.
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Portugal’s Finance Ministry said the government posted a deficit in the three months through March after spending rose more than tax revenue.
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Portugal faces a difficult economic outlook and may get more time to meet its targets, Dutch Finance Minister Jeroen Dijsselbloem told reporters in Washington today.
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The Portuguese government said a Constitutional Court decision to block planned cuts in salary payments to state workers and pensioners has “negative effects” for the country.
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Portugal said an extension of the maturities of its aid loans will help the country issue 10-year bonds and regain access to debt markets after requesting a bailout two years ago.
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European stocks fell for a third day and U.S. equity-index futures dropped as analysts cut estimates for growth in America’s monthly payrolls. Commodities declined as bond yields from France to Austria slid to records.
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Portugal will carry out more spending cuts this year and ruled out further tax increases after the Constitutional Court blocked a plan to suspend a monthly salary payment to state workers and pensioners.
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European stocks climbed, rebounding from the biggest three-day selloff since July, as German industrial production increased more than forecast and investors awaited the start of U.S. earnings season.
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