The Eurozone debt crisis, which has stabilized over the last year, is in danger of seriously exploding as the government of Portugal is threatening to collapse.
Portugal’s Prime Minister made a national address Tuesday night saying he refused to accept the resignation of the country’s foreign minister and that he would try to go on governing. Continue reading
Portugal’s prime minister is warning that unless deep cuts are made to social security, health, education and public programs the nation could be facing a second bailout from the European Union.
Prime Minister Pedro Passos Coelho said the country is facing a “national emergency” and that because the Portuguese Constitutional Court struck down 1 billion euros in savings that were required to meet existing bailout conditions there was no choice but to cut in areas like welfare. Continue reading
Unemployment in the Eurozone has risen to 18.2 million after releasing economic data for August. The rate of unemployment remained the same after the rate for July was revised upward at 11.4%, however there was an increase of 34,000 out of work in the month.
The highest unemployment rate for an individual nation was Spain where one out of four eligible workers are unemployed. Austria had a rate of 4.5%. The rate in Germany, the Eurozone’s most stable economy, was 5.5%. Continue reading
