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The Albuquerque interview - 'the socialists have got it all wrong'

albuquerque3Maria Luís Albuquerque, the former Finance Minister under the Pedro Passos Coelho administration, has hit out at the "wrong policies" of the António Costa government, saying that an economic model based on boosting domestic demand does not work.

In an interview with Jornal de Negócios published today, Albuquerque said that if the Social Democrats (PSD) were still in charge, they would boost income more gradually and concentrate on measures to encourage investment and reform corporation tax.

The vice president of the PSD pointed out the "negative effect on the economy" that boosting incomes has had when there are budgetary constraints, saying that this results in an increase in "other taxes" to make the books balance.

 Asked about the possible need for a second bailout for Portugal, a scenario that is gaining ground internationally, Maria Luís Albuquerque replied that she would "not put the question in those terms."

"I sincerely hope this is not the path, I think we are still in time to change direction and change strategy to prevent this scenario."

As for the projected budget deficit this year, Maria Luís Albuquerque does not believe that it will be below 3% for 2016.

As for the recapitalisation of Caixa Geral de Depósitos, the PSD leader says "there are many unanswered questions" and believes that the management of the process "has deeply affected confidence in the banking system."

As for Novo Banco which was born as a result of the collapse of BES during her tenure, the former minister said that the new bank should have been sold at the first attempt. "I think that waiting for better days to sell Novo Banco has not been a positive strategy."

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Comments  

+1 #2 Peter Booker 2016-09-13 09:14
Dear me, was she not Finance Minister when the decision was taken not to sell Novo Banco at the first attempt? Is this remark not an overt criticism of Peter Rabbit? And about CGD, and the unanswered questions. Do these questions come as a surprise to her? Why does she not know the answers?

It seems to me that she was either asleep at the wheel, or she should have resigned when Peter Rabbit would not take her advice about the sale of Novo Banco.
0 #1 Charly 2016-09-12 18:59
Amusing.... as Albuquerque critisises matters that she was personally responsible for in the former socialist governement.... She probably never heards about the word "professional ethics" or does that not apply for politocs ????

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