The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet.
The assets will be used to bridge a gap needed to meet the fiscal deficit target of 5.9pc of GDP set by the terms of the country’s €78bn bail-out from around 10pc in 2010.
"This measure is more than sufficient to meet the budget deficit goal in 2011," said Helder Rosalino, secretary of state for central administration, on Friday.
Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system. The liabilities don’t count, yet.
There have been no complaints from Eurostat but Raoul Ruperal from Open Europe said: “This can’t be seen as a future revenue stream in any way.”
Posted by Fatboy at 12/03/2011 12:59:00 PM
3.20pm GMT / 10.20am EST: Here's an update from a spokesman at the UK foreign office:
Senior officials have spoken to the Iranian charge in London to urge the Iranian authorities to act with utmost urgency to ensure the situation is brought under control and to protect our diplomatic compound, as they are obliged to do under international lawhttp://www.guardian.co.uk/world/blog/2011/nov/29/iran-protesters-attack-uk-embassy-tehran-live
International law only applies to non-white, non-christians? The invasion of Iraq, torture, extreme rendition and cross border attacks that kill Pakistan soldiers are all violations of International law that have led to the death of hundreds of thousands of innocents in the Iraq invasion alone. Where was the outrage from UK foreign officials then? But when twenty non-white, non-christian college students storm an embassy, the international law card is played.
The death rattle of the world's leading democracies grows louder.
Posted by Fatboy at 11/29/2011 10:39:00 AM