Portugal’s PM Pedro Passos Coelho Discovers ‘Colossal’ Budget Hole

Portugal’s Prime Minister Pedro Passos Coelho discovers ‘colossal’ budget hole (Telegraph, July 18, 2011):

Yields on two-year Portuguese debt rose to a fresh record of 20.3pc on Monday, reflecting fears by investors that the country would struggle to pull itself out of downward spiral without some form of debt restructuring.

Mr Passos Coelho also appeared to caution the European authorities that his government will not tolerate heavy-handed interference in the country.

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