Público
«Portuguese finance minister resigns over lack of conditions to negotiate with troika», reports Público, as Vítor Gaspar, handed in a written resignation letter to the Prime Minister, Pedro Passos Coelho on Monday highlighting his inability to balance the nation’s books because key parts in the reform of the State had been thrown out by Portugal’s Constitutional Court earlier this year. His exit caught the nation by surprise although analysts pointed out that soaring unemployment at 18%, a ballooning budget deficit at 0ver 10% and a crippling deomonstrations and general strikes also contributed towards his decision. He is replaced by the prime minister’s nominee Maria Luís Albuquerque.
Correio da Manhã
«Ministry of Finance appoints two new secretaries of state», writes Correio da Manhã, as Joaquim Pais Jorge heads up the Treasury portfolio and Hélder Reis substitutes Luís Morais Sarmento for the Budget portfolio. The appointments come after the sudden resignation of the Portuguese finance minister Vítor Gaspar on Monday.
Diário de Notícias
«Portugal’s companies suffer the poorest rates of survival», reports Diário de Notícias, according to a report from the nation’s statistics institute INE which claimed start-up companies were among the most vulnerable in Europe. Company survival rates beyond the first two years have plummeted sin ce 2008 because of the deteriorating economic situation in the country and in Europe coupled with an overall lack of financing from banks.
Jornal de Notícias
«Car sales in Portugal climb 2% in the first half of the 2013», reveals Jornal de Notícias, as the Portuguese Automobile Association (Associação Automóvel de Portugal) reveals that despite the recession car sales increased 1.9 % in the first six months of this year compared to the same period in 2012 when car sales reached a 30-year low in Portugal.
i
«State Budget 2012 – Uncoverable debts owed to the Portuguese tax authorities reach 833.7 million euros», reports i, as the tax authorities lose millions because of lost taxes which cannot be claimed. According to figures from the State General Account (Conta Geral do Estado) released on Tuesday by the Budget Department the total amount includes 534.2 million euros that had already been delcared owing under the terms of the Code of Procedure and Taxation Process (Código de Procedimento e de Processo Tributário).
Diario Económico
«Bank shares tumble and interest rates climb in finance minister exit fallout», reveals Diário Económico, as the replacement of Vítor Gaspar at the helm of the Finance Ministry in Lisbon shakes the Portuguese stock market on Tuesday morning and puts pressure on the cost of interest on Portuguese bonds. The PSI 20 Index loses 0.6% to 5.578 points for the session that also sees slight falls in European stock markets. The banking sector leads the losses with Banif, BCP, and BPI taking a 1% haircut. This at a time when yields on 10-year treasury bonds climb 7 base points to 6.47%.
Jornal de Negócios
«Troika wants new finance minister Maria Luís to pursue the same policy line as Vítor Gaspar.», reports Jornal de Negócios, which states that continuity in policy is the only demand from the troika of international lenders. “He (Gaspar) showed a firm committment to achieving the goals of the financial adjustment programme since he took over in June 2011,” says Olli Rehn, European Commissioner for Economic Affairs. The commissioner adds that she is confident that his replacement Maria Luís Albuquerque will “show similar determination and commitment.”
«Government prepares fresh operation to relieve debt repayments.», reports Jornal de Negócios, which states that market uncertainty has put plans to issue new Portuguese state bonds “on ice”. But the troika thinks that Portugal can lower its repayments over the next few years. In the short-term the Government could push ahead with a new debt swap operation with the aim of relaxing the State’s financial needs for the next few years. The buisness daily reports that the troika’s opinion is that this possibility is on the table for the Portuguese treasury despite a greater aversion to risk in the international markets caused by USA Federal Reserve stimuli.
A Bola
«Bereszynski to join Benfica», writes A Bola, as Bartosz Bereszynski, Polish 20-year-old right-winger could leave Légia Varsóvia and join the Portuguese football club. The Polish press reported that the player could move to Lisbon after fulfilling a match that will take place in Warsaw at the weekend.
Record
«FC Sporting: Jardim looking for the Magnificent 20 », reports Record, after Sporting trainer is to study 40 players over the next few weeks. Twenty-five have already turned up for inspection at Alcochete while a further 15 new international faces are expected.
O Jogo
«FC Porto: Trainer Fonseca has already taken measures», writes O Jogo, reporting that Quintero is almost a dead cert while Ghilas has been lined up; the club may push the boat out by forking out for a top player on its shopping list.