22 Jul 2013
Flash: Portuguese politics remain split – Deutsche Bank
FXstreet.com (New York) - The impending situation in Portugal took a different turn this weekend, culminating in new chapter of drama, notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.
Key quotes
In Europe, “a major political development of note on Sunday was in Portugal where the major parties failed to agree on a national salvation pact. However the President announced a new solution to the political situation late last night which involves the ruling coalition government remaining in office after the ruling bloc gave the President additional guarantees that they would keep their coalition together to see through the country’s EU program.”
The President ruled out calling a snap general election two years ahead of schedule and said the ruling coalition would shortly table a confidence motion setting out its economic plans until the end of it term in 2015.
Key quotes
In Europe, “a major political development of note on Sunday was in Portugal where the major parties failed to agree on a national salvation pact. However the President announced a new solution to the political situation late last night which involves the ruling coalition government remaining in office after the ruling bloc gave the President additional guarantees that they would keep their coalition together to see through the country’s EU program.”
The President ruled out calling a snap general election two years ahead of schedule and said the ruling coalition would shortly table a confidence motion setting out its economic plans until the end of it term in 2015.