News Summary: Portugal Government Under Pressure

By The Associated Press

ANGER: Opposition parties in Portugal presented a motion of no confidence in the government, giving voice to the country's widespread discontent.

THE RESULT: The government had enough votes to easily defeat the motion. But the political pressure added another dose of uncertainty into financial markets already jittery about the fate of Cyprus and the wider eurozone.

THE BACK STORY: Portugal needed a $100 billion rescue two years ago. The three-year bailout agreement locked Portugal into austerity policies which are now widely blamed for the steep economic downturn. Portugal is enduring a predicted third year of recession and a 17.5 percent jobless rate.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Opinion

Red Hat CFO Tells TheStreet: Tech Trends Are Still in Our Favor

Red Hat CFO Tells TheStreet: Tech Trends Are Still in Our Favor

Throwback Thursday: Intel Edition

Throwback Thursday: Intel Edition

Intel's Next CEO Should Try Harder to Protect Its Flanks Against AMD and Others

Intel's Next CEO Should Try Harder to Protect Its Flanks Against AMD and Others

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

Wednesday Wrap-Up: GE and Facebook

Wednesday Wrap-Up: GE and Facebook