Daily Report: Euro Retreats Further after Portugal PM Resignation
Euro's retreat against dollar continues in Asian markets today after Portuguese Prime Minister Socrates submitted his resignation. Portugal's parliament rejected Socrates' latest austerity measures aimed at avoiding a bailout yesterday, which involve additional cuts that are equivalent to 4.5% GDP over three years. It's now believe that Portugal could open the door for discussion on bailout as soon as this week. Also, there were talks that the agreement on increasing the lending capacity of EFSF from EUR 250b to EUR 440b will be delayed to June as some governments are handling "internal" issues.
No comments:
Post a Comment