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Portugal's finance minister resigns Portugal's finance minister resigns
(3 months later)
The Portuguese finance minister, Vítor Gaspar, has resigned amid mounting pressure on the government to ease its austerity policies.The Portuguese finance minister, Vítor Gaspar, has resigned amid mounting pressure on the government to ease its austerity policies.
The office of the country's president, Aníbal Cavaco Silva, announced Gaspar's resignation on its website and said he would be replaced by the treasury secretary, Maria Luís Albuquerque.The office of the country's president, Aníbal Cavaco Silva, announced Gaspar's resignation on its website and said he would be replaced by the treasury secretary, Maria Luís Albuquerque.
The office of the prime minister, Pedro Passos Coelho, confirmed Gaspar's departure in an email, but neither statement gave specific reasons for his resignation.The office of the prime minister, Pedro Passos Coelho, confirmed Gaspar's departure in an email, but neither statement gave specific reasons for his resignation.
Gaspar was a key member of the government as it struggles to repair its finances after taking a €78bn bailout two years ago. He is an economist who had previously worked at the European Central Bank but had no political career before joining the government following its election in June 2011.Gaspar was a key member of the government as it struggles to repair its finances after taking a €78bn bailout two years ago. He is an economist who had previously worked at the European Central Bank but had no political career before joining the government following its election in June 2011.
The government is under fierce pressure from opposition parties, unions and business leaders to move away from the austerity policies Gaspar adopted as the country endures what is expected to be a third straight year of recession and a jobless rate of 17.6%.The government is under fierce pressure from opposition parties, unions and business leaders to move away from the austerity policies Gaspar adopted as the country endures what is expected to be a third straight year of recession and a jobless rate of 17.6%.
Gaspar's exit, however, is unlikely to herald major policy changes.Gaspar's exit, however, is unlikely to herald major policy changes.
The austerity programme is a requirement of the country's bailout creditors – the International Monetary Fund and other EU countries. If Portugal doesn't stick with the planned cuts and tax hikes, the creditors can stop disbursements of the bailout funds, potentially making it difficult for the government to pay public sector wages and pensions.The austerity programme is a requirement of the country's bailout creditors – the International Monetary Fund and other EU countries. If Portugal doesn't stick with the planned cuts and tax hikes, the creditors can stop disbursements of the bailout funds, potentially making it difficult for the government to pay public sector wages and pensions.
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