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Portugal report Portugal report
by Euro Reporter
2008-10-12 10:46:20
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Cut corporate tax

Portuguese Prime Minister Jose Socrates on Wednesday unveiled plans to introduce a new, lower corporate tax rate of 12.5 percent in 2009, a move designed to help small and medium-sized firms ride out the financial crisis. Speaking in parliament, Socrates said the Socialist government would also extend an existing credit line to small and medium-sized companies to 1 billion Euros and that interest rates on these loans would be set below official levels.

"The world is facing a very difficult situation," Socrates told parliament as he outlined measures that would be included in the 2009 budget, which will be presented in coming days. He told parliament the new 12.5 percent tax rate would be applicable for corporate incomes of up to 12,500 Euros ($17,030). The existing rate of 25 percent would apply to income above that. He stressed the measures would not upset Lisbon's efforts to reduce its budget deficit, which a few years ago was 6 percent of gross domestic product, twice the European Union limit of 3 percent, and said this year's budget deficit target of 2.2 percent of GDP would be maintained. He said "all countries" had downgraded their economic forecasts because of the crisis but did not provide any new figures for Portugal. In May, the government forecast 2008 growth of 1.5 percent, down from 1.9 percent in 2007. It expects 2009 growth of 2.0 percent. The government's announcement came as the International Monetary Fund cut its 2009 growth forecast for Portugal to 0.1 percent from 0.6 percent.

Cutting tax has its sharp edge as well!


Kosovo and Portugal

Portugal has become the 48th country to recognize Kosovo’s independence from Serbia and the 22nd European Union member state to do so. Portuguese Foreign Minister, Luis Amado, declared his government has officially recognized Kosovo as a new country. “It is in the interest of Portugal to recognize Kosovo as we believe independence is irreversible,” he said.
The head of diplomacy in Lisbon mentioned four reasons why his country chose to recognize Kosovo. “Independence is irreversible; the fact that international law cannot solve a political problem; that recognition is important to foster the ties within NATO and the EU and above all the Russian intervention in Georgia,” said Amado.  Lisbon’s recognition comes at a crucial moment for Kosovo when later on Wednesday the United Nations General Assembly will vote on Serbia’s resolution to ask the International Court of Justice whether Kosovo’s February 17 declaration of independence was in line with international law.

I suppose the only remaining is Russia’s reaction!


Losing Deco, Maniche to injury

Portugal midfielders Deco and Maniche will miss World Cup qualifying games against Sweden and Albania due to injuries. The two players were released from the squad late Tuesday after undergoing medical tests.
Chelsea playmaker Deco is still recovering from a torn thigh muscle, while Atletico Madrid's Maniche has a back injury. Their absences extended Portugal's injury list which includes winger Simao Sabrosa and central defender Ricardo Carvalho — both sidelined with knee injuries.
For a country that breathes with football the news are …dramatic!!!

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ap2008-10-13 02:46:13
This Socrates is not half as wise as the other one... it's all bullshit coming from this man's mouth. Incredible. He surely has one or two marketing advisors (not brilliant ones, though).

Their recognition of Kosovo already granted them some antipathies coming from the Serbian diplomats. But I don't quite understand these four reasons given anyhow, specially the one concerning Russia and Georgia. Puzzling. It's the so-called Socrates puzzle.

Not dramatic football news, no! There was of course a tie with Sweden but the good thing about injuries is: most fans are excited, expecting the injured players to follow the example given by Cristiano some weeks ago and take their golden or black or orange or silvered crutches and suitcases, move to Hollywood's parties while out of the fields... and end up marrying with some attractive movie star over there, while playing in the same team as Beckham. The soccer american dream: one third sportsman, two thirds tv/movie/advertisement star, ah! And (after stopping exchanging girls every week) raise the lineage together with a gorgeous actress.


Congratulations, Finland, for the Nobel!!
(I'm amazed that Ovi didn't write about it yet!)

ap2008-10-13 02:57:01
ps - Socrates, go and stuck your head on a pile of euros, of those that you use to buy new luxury cars for your staff while growth doesn't happen at all and unemployment rises and salaries turn miserable. Just go and do it and suffocate, my friend.

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