Politics World

Early parliamentary elections held in Portugal

On Sunday, June 5 against economic hardship with high budget deficiency in Portugal began early parliamentary elections. To save the economy of the country the Socialist Party referring to the international financial organizations.

Polling stations opened at 8 am (local time).

In the center-right Social Democratic Party, headed by Pedro Coelho Passush have a small edge over the ruling Socialists led by Jose Socrates, who resigned from his post as prime minister because of the rejection by parliament of regular crisis response plan in March. The Government intends to reduce the budget deficit to 3,7% in 2012 and 2013.

But whoever came out as the winner, it will be the most complicated problem of unpopular reforms.

In the Portuguese Parliament (Assembly of the Republic) only 230 seats claimed by representatives of 17 parties. The Prime Minister is usually the leader of the winning party.

Portugal became the third member of the eurozone on the brink of default and bailed neighbors on the block. The first victim was Greece, which suffered from excessive extravagance. Last year it received from the EU and the IMF bailout loans of 110 billion euros by 4.2% per annum. Second was Ireland, which has appeared on the brink of financial disaster due to the problems of the banking sector. In late 2010, for its assistance package was approved by the amount of 85 billion euros, listed under 5.8% per annum. Portugal decided to allocate 78 billion euros ($ 110 billion) by 5.1% per annum with an average maturity of 7.5 years in May-June 2011.




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