Just another crisis

24 Mar 2011 By Pierre Briancon

The resignation of premier Jose Socrates means the euro zone must address Portugal’s debt problems in a political void. But the shortterm pressures two major funding deadlines in April and June are manageable. Allowing Portugal to default isn’t remotely on Europe’s agenda.

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Jose Socrates, the Portuguese prime minister, resigned on March 23 after parliament rejected his government's latest austerity plan, which he intended as a way to avoid a euro zone bailout.

European Union leaders were scheduled to meet for a summit on March 2425, with the deliberations likely to be dominated by the euro zone debt crisis.

Portuguese benchmark tenyear bond yields rose further on March 24 to another high of 7.9 percent.

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