EURO CRISIS ON: Portugal Crashes After Finance Minister Resigns

portugal protest coelho

And it’s like the good old days in Europe today.

The Portuguese stock markets is crashing over 6%.

Interest rates on Portuguese bonds are spiking.

The cause? The Finance Minister has resigned in a dispute over austerity.

From WSJ:

Mr. Gaspar said in his resignation letter that he had first offered to step down last October amid evidence that public and political support for the country’s austerity program was fading. Protests and strikes have become more common since then, and some lawmakers from the governing coalition have joined its critics in saying austerity is doing the country more harm than good.

“It is my conviction that my exit will contribute to reinforce your leadership and cohesion within the government,” Mr. Gaspar wrote to Prime Minister Pedro Passos Coelho in the letter.

Europe is red across the board.

Germany is down 1.5%. Italy is off 1.8%. Spain is down 2.6%.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.