Portugal Votes To Reject Austerity, And The Euro Is Tanking

Jose Socrates

Just happening now.

Portugal has voted to reject austerity measures.

Next question now is whether the PM resigns.

This was likely in the cards since earlier this week when the opposition announced its intent to oppose the plan.

Tomorrow is an EU summit, and it’s not clear who the leader of Portugal will be.

Don’t miss: The latest on the debt situation in Portugal and the rest of Europe >

The euro is diving on the news:

chart

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