2 Jul 2013
Portuguese FinMin steps down
FXstreet.com (Barcelona) - Portuguese Finance Minister Vitor Gaspar unexpectedly submitted his resignation on Monday, in the face of continued weakness of the Portuguese economy and rising social discontent with the harsh austerity measures implemented under his supervision.
Vitor Gaspar, the main enforcer of reforms under the 78 billion euro bailout agreement, was frequently criticized for blindly following Troika's recommendations. "Repeated slippages have undermined my credibility as finance minister," the Portuguese Finance Minister stated in his resignation letter.
He will be replaced by the treasury secretary Maria Luís Albuquerque, who will be sworn in this afternoon.
Vitor Gaspar, the main enforcer of reforms under the 78 billion euro bailout agreement, was frequently criticized for blindly following Troika's recommendations. "Repeated slippages have undermined my credibility as finance minister," the Portuguese Finance Minister stated in his resignation letter.
He will be replaced by the treasury secretary Maria Luís Albuquerque, who will be sworn in this afternoon.
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