Portugal's Fiscal Discipline in Spotlight as E-Lar Program Falters and Mota-Engil Wins Major Contract
Portugal's fiscal discipline is under scrutiny. The Council of Public Finances has issued a warning about potential violations of European budget rules. Meanwhile, the E-Lar program's candidatures closed prematurely due to depleted funds. In business news, Mota-Engil has secured a significant contract with Petrobras. Additionally, a new gold record has been set.
The Council of Public Finances has expressed concern about Portugal's fiscal trajectory. It warned that the country might breach European budget rules, highlighting the need for careful fiscal management.
The E-Lar program, aimed at supporting local authorities, ended abruptly when funds ran out within just six days. This has raised questions about the program's efficiency and planning.
In corporate news, Portuguese construction giant Mota-Engil has secured a major contract. The company will work with Petrobras, Brazil's state-owned oil corporation, on a project worth 700 million euros.
Luís Montenegro, Portugal's Prime Minister, recently approved Álvaro Santos Pereira's appointment as Governor of the Bank of Portugal. Santos Pereira was subsequently inaugurated into the role, marking a new chapter in Portugal's banking sector.
Portugal's fiscal situation is a cause for concern, with the Council of Public Finances warning of potential budget rule violations. The E-Lar program's early closure due to exhausted funds also requires attention. Meanwhile, Mota-Engil's significant contract with Petrobras demonstrates the company's international reach. Lastly, Álvaro Santos Pereira's inauguration as the new Governor of the Bank of Portugal signals a change in leadership for the Portuguese banking sector.
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