Lisbon’s constitutional court having blocked the country’s planned austerity programme, the euro project now faces a war for survival on myriad fronts: Portugal, Italy, bond market confidence, capital flight, and media coverage. It’s hard to see a way back for EMU now.
Portuguese Prime Minister Pedro Passos Coelho held an extraordinary cabinet meeting on Saturday following the Constitutional Court’s rejection of four out of nine of the budget’s austerity measures, which the government says are necessary to meet the terms of a eurozone and International Monetary Fund bailout.
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