Portugal ratify fiscal treaty13/04/2012 - 15:42:47
Portugal’s parliament has ratified a European fiscal treaty designed to prevent government overspending and help end the bloc’s sovereign debt crisis.
Portugal has one of the frailest economies of the 17 countries using the euro and last year needed a €78bn bailout to avert bankruptcy.
It was also under particular pressure to adopt the treaty as ratification is a pre-condition to further aid from the other eurozone countries.
European leaders hope the treaty, known as the fiscal compact, will improve market confidence in Europe’s finances.
Portuguese MPs ratified the treaty today by 204 votes to 24 with two abstentions, reflecting the broad political consensus in Portugal.
Bailed-out Ireland will hold a referendum on the treaty on May 31.