The directors of Espírito Santo Property today outlined a scheme for bondholders to get their money back in dribs and drabs over the next five years.
Desperate for approval for the Special Revitalisation Plan that management has submitted, but which needs creditor approval, management has proposed that money invested up to October 31, 2014 will be paid back to bondholders by 2020.
Prices in the eurozone have remained low making March the fourth month in a row of lower prices.
But the region is in deflation giving rise to fears amongst observers that the recent trend could prove to be a downward spiral of prolonged stagnation.
Alentejo council mayors are up in arms about the application by the Algarve medronho producers for submitting a Protected Geographical Indication request without including Almodôvar, Beja or Ourique.
The mayors have challenged the Algarve’s ownership of local firewater production and say that as their regions produce much of the raw material for the drink’s production, their councils should be added to the list of producing councils and the Alentejo should be added to the 'Algarve' demarcation.
Lagoa councillors fear that works to the eastern jetty at the entrance to the Arade river will increase the risk of local flooding.
The planned reduction in the length of the jetty on the Ferragudo side of the river, panned so as to allow entry of large cruise ships into Portimão harbour, is worrying the mayor and council members who are keen to study the hydrodynamic study being produced by the National Civil Engineering Laboratory.
There has been a steep drop in the number of foreign nationals being awarded British passports.
The number was at its lowest level in 13 years.
Manuel Albuquerque is the new name to remember for Madeira as he has been voted in as the new President of the regional government.
He is a Social Democrat and the PSD won a controlling majority with 44.33% of the islanders’ votes with 24 of its MPs being elected.
The ever-hungry tax office has excelled even its own record for the silliest seizure as its trained officers pounced on a restaurant and took legal charge over four cakes.
The cakes were expertly valued at 30 cents each by the fully trained tax staff as they took a small but important bite out of the restaurant’s €92,000 debt.
The Communist party was quick off the mark today as the new unemployment figures showed a rise in February in the face of government assurances that all is well and the economy is booming.
The PCP said that the number of unemployed Portuguese keeps increasing, "Despite the already very high unemployment level in Portugal, since last September unemployment has continued to grow, reaching 14.1% in February with 719,600 unemployed," said José Lourenço, from the committee of economic activities of the PCP.
