President of Portugal approved Reshuffled Government

Jul 11, 2013 17:52 IST

Portuguese President Anibal Cavaco Silva on 10 July 2013 approved a reshuffled ruling coalition Government, ending a 10-day crisis over hated strict policies that nearly overthrown the government.

The reshuffle was taken into consideration amid opposition calls for immediate elections. The current Reshuffled government has all the authority to exercise its functions. The crisis hit the roof on 1 July 2013 with shock resignation of then finance minister Vitor Gaspar, who was feeling the pressure of mounting popular opposition.

The decision to reshuffle the government is an indication to the survival for now, of Prime Minister Pedro Passos Coelho's centre-right government, after a political emergency that shook world markets fearing a new wave of instability in the eurozone's debt-laden periphery.

Portugal forecasts a 2.3-percent economic contraction in year 2013 and has a record unemployment rate of more than 18 percent.

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