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The yield on Portuguese bonds in the secondary market climbed to euro-era records Wednesday amid market fears that the bailed-out country won't be able to break free of its financial crisis in the near future.
Portugal is to cut holiday entitlement, introduce more flexible working hours and cut compensation for layoffs in a package of labor reforms aimed at reversing the country's steep economic decline, officials said Tuesday.
Italy's Premier Mario Monti has warned that his country needs to see more concrete support from the European Union and Germany in return for the painful austerity measures it has adopted.
Portugal's main opposition party held out Friday against the government's plan to include a budget deficit limit in the constitution — a step that is part of a broad European agreement to tackle the continent's debt crisis.
The streets of downtown Lisbon are usually ablaze with Christmas lights around this time — but this year the city has put on a somber show that matches the somber mood of austerity.
When Dominic Symington looks out from his shady hillside garden across the vineyards of Portugal's majestic Douro Valley, he sees centuries of family and European history.
Portugal's prime minister warned his country Thursday to prepare for deepening hardship next year as the government expands its austerity plan of pay cuts and tax increases to slash the national debt.
The lawyer for a captured American fugitive said his client wants to serve the rest of his jail time in Portugal, but legal experts predicted Friday that U.S. prosecutors will "move heaven and earth" to get him back to the U.S. justice system.
He lived the sweet life for decades. But nobody knew he was on the run.
He lived the sweet life for decades. But nobody knew he was on the run. After breaking out of a New Jersey prison 41 years ago, George Wright settled in a picturesque seaside town in Portugal.
A 1970s militant who carried out one of the most brazen plane hijackings in U.S. history lived for decades in an idyllic Portuguese hamlet near a stunning beach with his Portuguese wife and two children, neighbors said Wednesday.
A 1970s militant who carried out one of the most brazen airplane hijackings in U.S. history lived for decades in an idyllic Portuguese hamlet near a stunning beach with his Portuguese wife and two children, neighbors said Wednesday.
When a nervous horse unseated its cavalry officer at a red-carpet event during Chinese President Hu Jintao's state visit to Portugal last year, the leader of the world's second-largest economy broke with protocol and walked over to the bruised guardsman.
Portugal's new prime minister says his coalition government is preparing to accelerate and possibly broaden austerity measures the country promised in return for a euro78 billion ($110 billion) bailout.
Portugal's Social Democrats unseated the Socialist government in an emphatic election victory Sunday, giving the center-right party a strong mandate to enact a grinding austerity program demanded in return for a euro78 billion ($114 billion) international bailout.
Portugal raised euro1 billion ($1.4 billion) at a short-term debt auction at higher interest rates as it negotiates terms of a badly needed bailout to avert bankruptcy.
Spain and Portugal have for decades lured poor immigrants from their former colonies. Now, in a historic role reversal, these one-time empire builders are seeing legions of frustrated young people head to old dominions in quest of a better life.
Portugal's financial woes deepened Tuesday after Moody's downgraded its credit rating for the second time in less than a month, further fueling fears the debt-laden country will have no option but to seek an international financial rescue package soon.
The leader of Portugal's main opposition party says he won't support the minority government's latest measures aimed at avoiding a bailout for the debt-laden country.
Portugal's finance minister has announced additional tax hikes and money-saving measures to ensure the debt-laden country meets its deficit-reduction targets through 2013.
Portugal raised euro1 billion in 12-month Treasury bills Wednesday, granting the financially troubled country some respite from recent market pressure. But the news was darkened by a top official's prediction the country was headed for a double-dip recession.
Political trouble that shook the Irish and Portuguese governments over the weekend could be a warning sign for other European governments facing voters angry about cutbacks, analysts said Monday.
Portugal elected its conservative president to a second term Sunday, delivering a harsh political setback to the minority Socialist government which is struggling to contain an acute economic crisis.
Debt-stressed Portugal raised euro750 million ($1 billion) in a Treasury bill sale on Wednesday, with a lower interest rate and high demand reflecting an easing in tension about the country's financial woes.
Portugal's bond yields rose to euro-era record highs on Friday, driven by market fears about the debt-laden country's economic health and wider concerns about the eurozone's financial stability.
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