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Economic Adjustment Programme For Portugal
The Economic Adjustment Programme for Portugal, usually referred to as the Bailout programme, is a Memorandum of understanding on financial assistance to the Portuguese Republic in order to cope with the 2010–14 Portuguese financial crisis. The three-year programme was signed in May 2011 by the Portuguese Government under then-Prime Minister José Sócrates of the Socialist Party (PS) on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). In June 2014, Portugal exited the €78 billion programme, with a concluding tranche of €0.4 billion being disbursed in November 2014. Background On 6 April 2011, the resigning Prime Minister José Sócrates of the Socialist Party (PS) announced on television that the country, facing a status of bankruptcy, would request financial assistance to the IMF (at the time managed by Dominique Strauss-Kahn) and the European Financial St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CaixaBank
CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, after Banco Santander and BBVA. CaixaBank has 5,397 branches to serve its 15.8 million customers, and has the most extensive branch network in the Spanish market. It is listed in the Bolsa de Madrid and is part of the IBEX 35. The company consists of the universal banking and insurance activities of the La Caixa group, along with the group's stakes in the oil and gas firm Repsol, the telecommunications company Telefónica and its holdings in several other financial institutions. History The firm was formed in 2007 as Criteria CaixaCorp, a publicly traded vehicle for La Caixa's shareholdings and investments in both industrial and financial services companies. At the time of its 2007 debut, the Criteria CaixaCorp initial public offering was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was established in London in 1851 by the German-born Paul Reuter. It was acquired by the Thomson Corporation of Canada in 2008 and now makes up the media division of Thomson Reuters. History 19th century Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House. Reuter moved to London in 1851 and established a news wire agency at the London Royal Exchange. Headquartered in London, Reuter' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Millennium Bcp
Portuguese Commercial Bank ( pt, Banco Comercial Português, BCP) is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive officer is Miguel Maya Dias Pinheiro. BCP is based in Porto, but its operations are headquartered in Oeiras, Greater Lisbon. It operates a branch brand-dubbed and restyled in 2004 as Millennium BCP as well as Banque BCP and ActivoBank. It has nearly 4.3 million customers throughout the world and over 695 branches in Portugal. It was ranked at number 1,623 of the world's largest companies in 2017. History BCP was founded in 1985 by Jardim Gonçalves and a group of investors from the Porto region. Since 2004, it operates a branch brand-dubbed and restyled as Millennium BCP, following a process of amalgamating all the brand names and complete incorporation of all commercial structures of the group's retail banking: *Nova Rede (the bank's brand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portugal Telecom
Altice Portugal (formerly known as Portugal Telecom or PT) is the largest telecommunications service provider in Portugal. Since June 2, 2015, the company has been a wholly owned subsidiary of Altice Europe, a multinational cable and telecommunications company with a presence in France, Israel, Belgium, Luxembourg, Portugal, French West Indies/Indian Ocean Area, the Dominican Republic, and Switzerland. The assets in Portugal were sold to Altice in 2015 per request of Oi SA to reduce debt. The African assets were mostly sold for the same reason. Portugal Telecom, SGPS SA was split in separate companies: PT Portugal (now Altice Portugal) and Pharol (formerly PT SGPS), which owns a 27,5% stake in Oi. History The first telephone experiments in Portugal connected Carcavelos to the Central do Cabo in Lisbon, in 1877. In 1882, the Edison Gower-Bell Telephone Company was established in both Lisbon and Porto, to develop the respective telephone service concessions. In 1887, the conc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golden Share
In business and finance, a golden share is a nominal share which is able to outvote all other shares in certain specified circumstances, often held by a government organization, in a government company undergoing the process of privatization and transformation into a stock-company. Purpose This share gives the government organization, or other shareholder, the right of decisive vote, thus to vote all other shares, in a shareholder meeting. Usually this will be implemented through clauses in a company's articles of association, and will be designed to prevent stakebuilding above a certain percentage ownership level, or to give a government, or other shareholder, veto powers over any major corporate action, such as the sale of a major asset or subsidiary or of the company as a whole. In the context of government-owned golden shares, this share is often retained only for some defined period of time to allow a newly privatised company to become accustomed to operating in a public e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pedro Passos Coelho
Pedro Manuel Mamede Passos Coelho (; born 24 July 1964) is a Portuguese politician and university guest lecturer who was the 118th prime minister of Portugal, in office from 2011 to 2015. He was the leader of the Social Democratic Party (PSD) between 2010 and 2018. Passos Coelho started very early in politics and was the national leader of the youth branch of PSD. He led the '' XIX Governo Constitucional'' (19th Constitutional Government of Portugal) and the '' XX Governo Constitucional'' (20th Constitutional Government of Portugal) as head of government from 21 June 2011 to 26 November 2015. His term in office oversaw the application of the European troika bailout to Portugal (requested by the previous Prime Minister, José Sócrates of the Socialist Party) and was marked by a wave of widespread austerity in both Portugal and abroad. Early years Pedro Passos Coelho was born in the parish of Sé Nova in Coimbra, Portugal, on 24 July 1964. He is the youngest son of a medical d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portugal And The IMF
Portugal joined International Monetary Fund (IMF) on March 29, 1961. They joined by submitting 100 percent of their quota, which is 2,060.10 SDR. Currently, Portugal is using 187.5 percent of their quota, which is 3,862.69 SDR. Portugal has not had an IMF disbursement since 2014. Portugal has just .44 percent of voting power in the IMF. Constituency Portugal is part of a constituency with Albania, Greece, Italy, Malta, and San Marino. Their representative on the Executive Board of the IMF is Domenico G. Fanizza of Italy. Portugal has 22,066 votes, which makes them have the third most votes in their constituency, preceded by Greece, then Italy. This constituency has 4.13 percent of the total voting power within the IMF. Surveillance As Portugal is a member of the IMF, they receive surveillance reports from the IMF which details any red flags in their economy, as well as give suggestions for the future health of their economy. Before the 2007 financial crisis, they IMF conducte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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