Open Europe, the think tank, has blogged on the latest developments in Portugal, here: Beyond appearances, the recent political crisis has changed things in Portugal. It argues that the promotion of junior coalition leader Paulo Portas to deputy PM with responsibility for dealing with the troika, is an important change: Let's not forget Portas tendered his resignation from the government because he disagreed with Prime Minister Pedro Passos Coelho over the appointment of Maria Luís Albuquerque as new Finance Minister. On that occasion, Portas made clear that he was hoping for a change in the country's economic policy approach (in substance, less austerity). That could mean further tensions between the coalition, with Portas's conservatives pushing for less austerity, while the prime minister's Social Democrats stick to the current policy.
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Wednesday, July 24, 2013
Open Europe, the think tank, has blogged on the latest developments in Portugal, here: Beyond appearances, the recent political crisis has changed things in Portugal. It argues that the promotion of junior coalition leader Paulo Portas to deputy PM with responsibility for dealing with the troika, is an important change: Let's not forget Portas tendered his resignation from the government because he disagreed with Prime Minister Pedro Passos Coelho over the appointment of Maria Luís Albuquerque as new Finance Minister. On that occasion, Portas made clear that he was hoping for a change in the country's economic policy approach (in substance, less austerity). That could mean further tensions between the coalition, with Portas's conservatives pushing for less austerity, while the prime minister's Social Democrats stick to the current policy.
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Compania OMV a alocat, în al doilea trimestru, un provizion de 55 milioane de euro, pentru a acoperi deprecierea activelor privind proiectul Nabucco Vest, după ce consorţiul a selectat alt gazoduct ca rută de export către Europa, transmite Realitatea.net.
"Nu au fost înregistrate costuri speciale nete în rezultatul operaţional. Provizioanele speciale nete pe partea financiară au totalizat 55 milioane euro, rezultând din deprecierea activelor în legătură cu proiectul Nabucco Vest", se arată într-un raport preliminar al OMV.
Consorţiul Şah Deniz II, care dezvoltă zăcământul de gaze naturale Şah Deniz, din Marea Caspică, a confirmat selectarea proiectului Conductei Trans-Adriatice (TAP), cu destinaţia în Italia, ca rută de export către Europa. Proiectul Nabucco Vest, din care face parte şi ţara noastră, a pierdut, în primă etapă, cursa pentru gaze azere.
EU rules say that countries using the euro are not allowed to have an annual deficit of more than 3% of GDP, but several countries have failed to keep to that rule in recent years.
Note that Germany, Italy and France were all among the first countries to break the Maastricht rule during the last decade, while Spain and the Republic of Ireland ran surpluses before the 2008 crisis.
Since 2008, peripheral economies such as Spain, Greece and Portugal have run big deficits, because their economies have slumped, generating less tax revenues and requiring more unemployment benefit payments.
Ireland experienced an exceptionally enormous deficit of 31% of its GDP in 2010, largely due to the cost of rescuing its banks.
Italy, however, has faired surprisingly well. In fact, if you exclude the cost of interest payments on its enormous debts (which the graph does not), the Italian government has consistently run budget surpluses.
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