Of Zone Europe reported, the risk of a political crisis in Portugal seem to threaten 'financial credibility' government that has been built since the last 2 years through a number of austerity measures and economic reforms, according to European Commission President Jose Manuel Barroso said.
A market reaction suggests that the risk is very clear that, the financial credibility that has been built by the Portuguese government could be threatened political instability at this time. and if this is really the case, would be very damaging to confidence in the Portuguese, especially because they have seen early signs of economic recovery.
While another reported a statement, the European Parliament has passed a budget proposal the European Union (EU) in 2014 to 2020, after passing through a long debate between governments, parliaments and executives in the region.Political resolution proposed EU budget for the period of seven years, cut spending for the first time after being approved 474 votes, 193 against and 42 abstentions.
The resolution contains the revised budget proposal that was approved last week by the EU heads of state and government. However, the proposed budget of 960 billion euros ($ 1, 25 billion) still faces one final hurdle in the European Parliament, in which the final vote will be held in September or October.
Parliament and the European Commission have been contrary to the hardline austerity-minded, like the UK, Germany and the Netherlands, who earlier this year shot down a plan to increase spending and instead encourage cutting three percent.
Quickly plan required billions of euros in an effort to help 5.6 million people unemployed in Europe, particularly under the age of 25 years to get a job or go back to school.
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