GOOD READS

Portuguese Constitutional Court Rejects Aspects Of Austerity Budget — Country Returns To Euro Crisis Spotlight

Just as the big crisis story in Cyprus has started to wind down, it looks like the attention could shift to Portugal.

Today, the Portuguese Constitutional Court struck down articles 29 and 77 of the Portuguese government's 2013 budget.

Dow Jones reports:

*Portuguese Court Rules Some Measures in 2013 Budget Illegal

— DJ FX Trader (@djfxtrader) April 5, 2013

*Portuguese Court: Paycheck Cuts for Public Workers, Pensioners Illegal

— DJ FX Trader (@djfxtrader) April 5, 2013

The 2013 budget is heavy on austerity because Portugal has to meet the demands of the troika of European creditors (the EU, ECB, and IMF) on which the country relies for financial assistance.

And, as is the case in other peripheral euro area member states under troika aid programs, the austerity measures have been divisive.

There were even reports last week that Portuguese Prime Minister Pedro Passos Coelho acknowledged that he may have to resign depending on how much of the budget the Constitutional Court decided to strike down.

Whether that is the case here is unclear.

According to Reuters, the measures struck down account for about 20 percent of the savings found by the austerity package, and the government has called for a special meeting on Saturday.

In any event, the next few days should be interesting ones for Portugal.



More From Business Insider

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • Rupee falls for third day; foreign fund inflows key

    The rupee weakened for a third consecutive session on Wednesday, falling below the 61 to the dollar mark for the first time in more than a month, hurt by good demand for the greenback from importers and by continued weakness in Asian currencies. Most emerging Asian currencies fell as the Chinese yuan extended its recent decline to a 16-month low, while the Indonesian rupiah touched its weakest level in more than seven weeks due to increasing month-end dollar demand. It is likely revolve …

  • Procter & Gamble quarterly profit rises on home care sales

    Procter & Gamble Co , the world's largest household products maker, reported a higher quarterly profit on Wednesday, helped by an increase in sales of its home care products. Sales were unchanged at $20.6 ... …

  • HC pulls up Delhi chief secretary over water-logging

    New Delhi, April 23 (IANS) The Delhi High Court Wednesday pulled up the city chief secretary over water logging in the capital during the monsoon. A division bench of Chief Justice G. Rohini and Justice Pradeep Nandrajog slammed the city government, saying nothing was happening in the city as per the master plan. The court had summoned the chief secretary after the authorities failed to submit a report on short and long-term measures to tackle water-logging in the city. "We are living in an …

  • DLF slides 3 percent, underperforms rivals

    Reuters Market Eye - Shares in DLF, India's biggest real estate developer, fell 2.99 percent, sharply under-performing a 0.4 percent gain in the Nifty and posting their sixth decline in the past seven ... …

  • Mobile number portability requests up by 2.47 mn in February: TRAI

    New Delhi, April 23 (IANS) Requests for mobile number portability (MNP) increased by 2.47 million in February last, data released by the Telecom Regulatory Authority of India (TRAI) said Wednesday. The number of MNP requests increased from 111.94 million subscribers at the end of January last to 114.41 million at the end of February. …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Seed of Doubt

    Field trials have been allowed again in India. But two decades after their global launch, genetically modified (GM) crops remain controversial. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52-0.33-1.96%
    UNITECH.BO
    14.31-0.27-1.85%
    SUZLON.BO
    120.40+7.00+6.17%
    FRL.BO
    66.05+4.10+6.62%
    MANGCHEM.BO
    54.40+1.65+3.13%
    HCLINFO.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    16.20+2.70+20.00%
    JAGSONPH.BO
    53.50+8.90+19.96%
    RUSHIL.BO
    40.45+6.45+18.97%
    RCIIND.BO
    63.95+8.90+16.17%
    MRPL.BO
    24.00+3.10+14.83%
    NELCAST.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    24.25-6.00-19.83%
    BMAL.BO
    13.26-2.24-14.45%
    ZYLOG.BO
    30.15-4.05-11.84%
    DRDATSONS.BO
    19.55-2.45-11.14%
    MARAL.BO
    121.50-13.50-10.00%
    POKARNA.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.