portugal could exit euro says minister
News Posted On: 16 November 2010
Portuguese foreign Affairs Minister Luis Amado has courted controversy by saying that Portugal could exit the eurozone.
If Portugal were to come out of the Euro, the potential devaluation of the Escudo, the currency it would be returning to (I presume) would present incredible opportunities for foreign buyers to get some tremendous deals on Portuguese property.
Amado told reporters that Portugal faces “a scenario of exit from the euro zone” if it fails to tackle its economic challenges.
“There has to be an effort by all political groups, by the institutions, to understand the gravity of the situation we’re facing,” he said.
However, experts doubt the validity of his claims. More likely the statement is made in a bid to increase commitment among the political parties to the austerity that Portugal must implement if it is to get its economy back on track.
They do not doubt the irresponsibility of his claims however. At the moment, fear and uncertainty is a massive problem for the EU and statements like this only increase the tension.
That said, in my opinion, if the statements were to successfully increase the Portuguese political parties to work together and bring the economy back on track, then it would be worth it in the trade off. Unfortunately this is unlikely, because if I can see through the statements then the political parties will be able to as well.
That is, if I am right. We will find out very soon; in all likelihood if these were rash statements made without the backing of his party, then we will soon see a higher ranking minister pour water on the fire. If not...
Written by Liam Bailey
View property for sale in Portugal
Back to news articles for this country
Latest Related News Articles in Portugal
Rental Reform to Help Revive Real Estate Sector in Portugal
2012-05-23
Portugal is set to bring about a rental reform which can give the property and construction industri.....
Cheaper Portuguese Properties Attracting More Investors
2012-01-16
The Portuguese property market is undergoing something of a winter boom, as cheap properties are att.....
Portuguese Rental Market Booming
2011-12-30
The Royal Institute of Chartered Surveyors has just issued its latest report on the Portuguese prope.....
Portuguese Property Market Shows Signs of Picking up
2011-08-30
The latest data from the Royal Institution of Chartered Surveyors shows some improvement in activity.....
Portugal Property Prices Falling Slower
2011-07-26
Although the property market in Portugal remains weak, at least prices are falling more slowly, acco.....
Estate Agents in Portugal Still Feeling Positive
2011-04-20
Estate agents in Portugal remained positive in spite of the European Union bailout and don't believe.....
Government pledges to reform rental laws in Portugal
2011-03-16
The Portuguese government has just announced that it will introduce measures which will streamline r.....
Golfers Still Love the Algarve
2011-02-22
The Algarve is still a very popular place for Britons to earn a second home, as it takes under three.....
Portugal Could Exit Euro Says Minister
2010-11-16
The Portuguese minister for foreign affairs has said that Portugal is threatened with being kicked o.....
Greece and Portugal the Two Worst Off PIIGS
2010-09-28
Of all the PIIGS in Europe, Greece and Portugal have the most on their trough, when it comes to eati.....