Today's successful debt palcement was an "important step" for Portugal according to the European Commission which believes that the success of the s bond issue will engender increased confidence in the Portuguese economy and constitutes "an important step towards a sustainable return to the international funding markets."

"In a context of a widespread improvement in the eurozone debt markets there is sign of growing investor confidence in the Portuguese economy and an appreciation of the positive effects of the continued rigorous implementation of the austerity programme" according to spokesman Simon O'Connor from the EC’s Economic Affairs office.

Macário Correia, the controversial ex-mayor of Tavira and then of Faro councils, whose legal struggles defined much of his public service career, has been appointed chief executive of the waste processing company Algar.

This public body is 44% owned by the 16 Algarve councils, many of whose mayors will be well known to Correia which may be a comfort as he settles into his new role.

A simulated fire on a boat moored at Albufeira marina was dealt with in an efficient and timely manner by emergency service personnel on excercise.

The test of response times and essential actions was deemed totally acceptable against stiff criteria outlined in the Safety and Internal Emergency Plans for Albufeira Marina.

The local Bombeiros were there along with the Albufeira Marine Police and other services to deal with pretend casualties.

The property market in Spain suffered another drop in value last year, but several regions reported a rise in prices.

Majorca in particular was still attracting buyers, especially expats, during the year. In a league of its town, prices rose nearly 5% in the third quarter of 2013, compared to the same period in 2012, as reported by the Spanish development ministry.

Jorge Moreira da Silva, Portugal's environment minister, said today that his department has been authorised to spend €300 million on coastal defences in the next two years.

A the stable door swings in the breeze, the horse having bolted days ago, the clean up bill after the storm remains unaddressed but a 'coastal defence review' has been started to address the issue of the country's sea defences.

The year 2013 was the first year since 2009 in which insolvencies decreased in all of Portugal’s regions, with the exception of Lisbon.

Over 35,000 new companies were registered last year which represents an increase of almost 13% over the previous year. About half are small businesses with under €5,000 registered capital. For every company that closed in 2013, two new ones opened.

The policy committee of the Social Democrat Party (PSD) in Olhão has justified rejecting the 2014 budget as it members were "trying to avoid increasing the council’s debt by more than €8.5 million."

Socialists Party (PS) members in Olhão accused the Social Democrats of being "two faced" after two of the ruling Social Democrat councilors abstained, which left the budget in tatters amid claims of "total outrage."

Unemployment in the eurozone held at 12% during November 2013.

Portugal’s rate was also stable at 15.5%, but a welcome fall from November 2012 when it was running at 17%.

At the same time, retail sales in the region grew significantly with a 1.4% increase. This was the greatest rise since November 2001, led by good sales of non-food products.