Portugal’s economic woes continue

The Portuguese Prime Minister has announced cuts to the compensation packages public-sector employees as the European nation attempts to meet the terms of their bailout program.  

The cuts keep coming for the Portuguese public

Pedro Passos Coelho announced that Christmas and Summer bonuses would be eliminated for many, stating that the country was “living in a moment of national emergency.”

The news follows recent reports from the country’s Finance Minister which suggests the bailout package which they have been provided with may not be enough to get them out of jail completely.

The package was put together by Brussels and The International Monetary Fund (IMF) after Portugal asked for financial help recently due to record losses.

Jose Silva Lopes was outspoken in his belief that the projected bailout of 78 billion euro will not be sufficient, saying “if the European Union does not lend us more money and continues to believe the markets will resolve the problem, we are ruined”.

Mr Lopes went on to suggest that Portugal is “no different” to Greece and if anything happens to that country then “we will be the nest to go”.

The comments come on the back of financial turmoil in Greece which has seen prolonged rioting in the country and led to numerous cuts for average wages all over the nation.

Cavaco Silva, The President of Portugal, has followed up all of this with a sobering message for Portugal as a whole. He warned people not to expect “any significant improvement in the social situation in the near future”.

Transfer Money to Portugal

Are you looking to invest in Portugal? It is a good idea to think carefully about how you will be transferring money to Portugal. Foreign currency exchange rates quoted by banks are nearly always worse than the exchange rates available through a number of specialist currency dealers.

So if you are sending money to Portugal, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency. It could have a significant difference to your rate.

                          

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