The two countries were found to have breached eurozone rules, but rather than punishing them, the European Commission has given each until next spring to implement sweeping structural reforms.
“As a new commission, we’re not seeing it as a priority to punish countries,” said Valdis Dombrovskis of Latvia, the new vice-president in charge of the euro (and good luck to him).
The unemployment rate in the eurozone was stable at 11.5%, unchanged from September, according to Eurostat.
This has left 18,395,000 people in the euro region without paid employment, of whom 688,000 were in Portugal.
Eurozone inflation dropped in November to 0.3% across the region, down from 0.4% in October.
The European Central Bank considers anything below 1% to be in its deflation "danger zone". Its target is inflation close to, but below 2% but this was last the case at the beginning of 2013 and has been falling since a 3% peak in late 2011.
A car left the road and ended up in the swollen river Boina near Rasmalho, Portimão yesterday and was dragged along by the strong curent.
The British woman driver was rescued by two locals after her Renault 5 left the EN266 Monchique to Portimão route and plunged four metres into the river, heavy with the recent torrential rainfall.
Former business grandee Ricardo Salgado had his house searched today in connection with what now is a criminal case surrounding the Espiríto Santo Group of companies.
Salgado was not alone in having a search made for evidence as, according to the police, 34 house searches were carried out today as well as a raid on a lawyer’s office and on six premises of six 'companies in the financial sector.'
The European Commission shortly will announce that seven EU countries are at risk of failing to hit their deficit targets next year.
Portugal is on the list, according to Reuters which had access to a draft. Italy and Spain also are included in the latest report on the budgetary risks of eurozone countries.
The cooperation between Portuguese and Spanish anti-toll protestors reached a new intensity today as representatives met in Ayamonte on the eve of the third anniversary of the financially ruinous Via do Infante toll system.
The meeting brought together individuals, business representatives and trade association members to discuss the damaging consequences that the A22/Via do Infante tolls have had on the Algarve and Andalucian economies.
McDonald’s UK business has been turning itself around in the last decade.
The company began operating in Britain exactly 40 years ago – 1974.
