Thread: Portuguese Govt Rejects Austerity Plan, Government Collapses

Portuguese Government Rejects Austerity Plan, Government Collapses

by Tyler Durden
03/23/2011 16:00 -0400
184 comments

Just out:

PORTUGUESE PARLIAMENT REJECTS GOVERNMENT'S DEFICIT-CUTTING PLAN
PORTUGAL'S PARLIAMENT BACKS RESOLUTION AGAINST GOVERNMENT PLAN

Next up: government resignation, crisis, bail out, etc. You know the drill.



http://www.zerohedge.com/article/portug ... -collapses

Portuguese President Prepares To Accept Jose Socrates' Resignation; Government Collapse Imminent

by Tyler Durden
03/23/2011 14:37 -0400
127 comments

From Market News: "Portugal's President Anibal Cavaco Silva is prepared to accept the resignation of Prime Minister Jose Socrates and is getting ready to call an election to choose a new government, Portuguese daily Jornal Publico reported on its website Wednesday evening....The political instability that would ensue from a collapse of the government, combined with market tensions that have pushed Portuguese ten-year bond yields to a euro-era high above 8%, seem likely to increase the pressure on Lisbon to seek a financial aid package from the European Financial Stability Facility and the International Monetary fund." Look for Portuguese, Irish and all out toxic fallout (pardon the pun) to be bought with impunity by JC Trichet as the entire market goes bidless.

More from MNI: http://imarketnews.com/node/28245

The news comes as the Parliament nears the end of a debate on the minority Socialist government's proposed package of new austerity measures amid strong signs that the bill will be defeated. Rejection of the measures, which are strongly endorsed by Portugal's European Union partners, would amount to a vote of no confidence in Socrates' government.

Socrates is planning to meet with Silva at 19h00 GMT/1500 EDT, and it is widely anticipated that he will tender his resignation in that meeting if the parliamentary vote goes as is widely expected. Socrates is scheduled to address the nation at 20h00 GMT/1600 EDT this evening.

Never too late to load up on those Irish CDS. Just for heaven's sake do not use Citi, Bank of America, JPM, Goldman, Deutsche, RBS, Barclays or BNP as counterparties.

http://www.zerohedge.com/article/portug ... e-imminent

Watch The Portuguese Parliamentry Session Live

by Tyler Durden
03/23/2011 12:25 -0400
132 comments

Can't wait for the moment when the Portuguese parliament falls and TSHTF in earnest? Then follow the parliamentary session live at the following webcast.



http://wwitv.com/tv_channels/7898.htm

Watch Canal Parlamento Live from Portugal:
url= http://wwitv.com/tv_channels/7898.htm

If tht one fails, try the following. http://wwitv.com/tv_channels/b6008.htm

And if that doesn't work, try this link. http://www.canal.parlamento.pt/

h/t Alexis

http://www.zerohedge.com/article/watch- ... ssion-live