The Public Finance Board (CFP) has spared no criticism of the government’s economic forecasts and has warned of the risk of "significant deviation" in the Socialist Party’s deficit reduction plans.

In its Programme of Stability 2016-2020 analysis published on Tuesday, the Board notes that "the lack of details for a specific part of the measures for budget reduction gives rise to risks for the projections presented,” i.e. the plan lacks detail and the hoped projected results are just guesses.

It could be called the (second) 'longest suicide note in history'* as Carlos Costa, the Governor of the Bank of Portugal, addressed an audience of bankers and regulators at ‘The Present and the Future of Banking’ conference in Lisbon hosted by the Portuguese Banking Association and TVi24.

Costa blamed the banking sector’s woes on their own poor behaviour but failed to appreciate that by doing so he was displaying the Bank of Portugal’s role as financial regulator in the poorest of lights.

Italy is considering doubling the ‘baby bonus’ it provides to low and medium income families to encourage more births and halt the “catastrophic” decline in the birth rate.

Two years ago Prime Minister Matteo Renzi introduced a payment of €80 a month to help with the costs of raising children.

French police said they arrested five gang members on a rented yacht which was being used to transport seven Ukrainian migrants hoping to enter the UK. The Ukrainians had entered France on tourist visas.

Two skippers and three suspected smugglers were detained on Friday in Brittany.

The government is to extend the discounted diesel scheme for commercial carriers across the whole country in 2017.

From the second half of this year, qualifying Heavy Goods Vehicles (HGVs) can be filled up with cheaper diesel in four border areas to encourage drivers to use Portuguese filling stations rather than Spanish ones where fuel is significantly cheaper.

The chemical glyphosate was given a green light on Monday when a United Nations report found that it was “unlikely to pose a carcinogenic risk to humans from exposure through the diet”.

Glyphosate is the key ingredient in the Roundup brand weed killer produced by Monsanto.

Portugal’s energy needs were supplied by renewable energy alone for four days last week. This can be compared to a first quarter performance of 70% renewables for the first quarter of 2014 and 63% for the year 2014. 

System Sustainable Land Association in collaboration with the Portuguese Renewable Energy Association analysed the data released by the National Energy Network (REN) and concluded that the four consecutive days of 100% renewable energy was a milestone.

The president of the Business Confederation of Portugal (CIP), António Saraiva, has identified the elephant in the room, estimating that nonperforming loans in Portugal’s economy stands at €20 billion.

Saraiva referred to bad loans held by banks and said Portugal is “sitting on a time-bomb.”