Portugal's financial deficit is now 132.4% of Gross Domestic Product (GDP) as at the end of April. In late 2013, the Portuguese public debt was in a sorry enough state at 129% of GDP, or €213,631 million.
There is a crumb of comfort that this state of affairs is an improvement of €287 million over the same period last year but this is like saying the Titanic’s engines were working well.
U.S. investment funds Apollo Global Management and Centerbridge Capital Partners are interested in purchasing the retail banking assets of Barclays in Portugal and Spain.
The British bank has started the sale process for its Iberian branch networks but aims to retain its high net worth private clients and corporate accounts in Portugal.
An audit requested by the Bank of Portugal into the accounts of Espirito Santo International detected "irregularities," according to BES which said the international bank is to be reorganised.
The Securities Commission report comes after an external audit into the bank between September 30, 2013 and December 31, 2013 "found irregularities in their accounts and concluded that the bank is in a serious financial situation.”
The audit committee of the Espírito Santo Financial Group (ESFG) “also identified material irregularities in the accounts,” although it took an external report for the bank to admit to the situation.
In the face of a government decision announced earlier this week to maintain the suspension of roadworks on the Algarve’s overloaded EN125 road, work is to resume, according to a well-timed pre-election announcement.
Estradas de Portugal stated today that it has reached agreements with the subcontractors for the Algarve coastline road that will save the taxpayer €507 million and that work on the road will resume in July.
New "more youthful" uniform for Portugal’s Public Security Police (Polícia de Segurança Pública) will cost €6 million a year.
In the face of severe cuts to all public services in Portugal, smart new uniforms in sky blue that have been designed to make the wearer look "more youthful," will cost € 6 million per year as the current dark blue uniform is phased out.
British Prime Minister Cameron has said that he cannot promise to reduce VAT after the next election.
His statement came during a pre-election walk-about in Newark. A market trader there said that the high tax was keeping him from being able to expand his picture framing business.
Now there is another chance to bash Ryanair as travellers have criticised it for its check-in procedure.
The criticism follows that made by passengers about hand baggage.
Netflix has announced that it will begin to operate in six countries in Europe.
The online tv and film streaming service will first extend its offering to the French, German and Swiss markets.
